** Freight railroads operator’s shares soar 8.3% to $108.30 premarket; stock on pace to open at a record high, after a $8.4 bln buyout deal including debt
** Toronto-based Brookfield Asset Management Inc and Singaporean sovereign wealth fund GIC offer $112 per GWR share, representing a premium of 12% to stock’s last close
** The deal comes a day after Reuters reported it on Sunday, citing sources
** GWR’s decision to sell itself comes after a string of acquisitions of short-line railroads that made maintenance of its expanding network more expensive
** The deal also comes amid weakness in some of core North American markets for transport of steam coal, agricultural products
** GWR has a market cap of $5.7 bln per Refinitiv data; analysts current rating on stock is “hold”
** Genesee has risen 35% this year (Reporting by Amy Caren Daniel in Bengaluru)
Our Standards: The Thomson Reuters Trust Principles.