Lake Oswego's Greenbrier Companies doesn't want to accept Carl Icahn's takeover bid.

Greenbrier says Icahn's proposal of acquiring the Lake Oswego company at a price between $20 and $22 per share is "inadequate, grossly undervalues the Company and is not in the best interests of Greenbrier stockholders."

"Greenbrier has repeatedly made clear to Mr. Icahn its interest in acquiring American Railcar at a modest premium, taking into account the current full valuation of American Railcar's stock. The Greenbrier Board believes that a combination of Greenbrier and American Railcar could be beneficial to both companies and their stockholders, and that there could be substantial synergies achieved through such a combination. The Board remains ready and willing to continue discussions with Mr. Icahn and to consider any combination of Greenbrier and American Railcar that would be in the best interest of the Company’s stockholders."

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