For the fifth time this year, L.B. Foster Co. and Portec Rail Products Inc. announced Tuesday they had extended the deadline to reach a merger agreement that is being heavily scrutinized for antitrust concerns.

The "drop dead" date of Aug. 30 that Green Tree-based L.B. Foster previously set for the merger to take place has now been extended to Dec. 30.

L.B. Foster also agreed to increase the tender offer share price from $11.71 per share, or a total of $112 million, to $11.80 per share, or close to $113 million. The rail company also has agreed to pay O'Hara-based Portec $2 million if the merger deal does not occur by the newest deadline date.

Foster's shares closed at $25.62, down 1 cent, in yesterday's trading. Analysts on average are expecting the company to report revenues this quarter of $119.3 million.

Obtaining control of Portec would help L.B. Foster expand its rail supply business and immediately add to its bottom line. But after five missed deadlines, there has been some question on whether the deal will close.

L.B. Foster first proposed buying Portec in June 2009. The companies had previously set deadlines of April 26, June 1, July 30, Aug. 15 and Aug. 30.

The primary obstacle has been concerns over a potential monopoly raised by the antitrust division of the Department of Justice.

In April, an Allegheny County judge derailed the merger after determining that the chairman of Portec's board of directors failed to consider another potentially higher bid from another buyer and did not tell other board members about the second offer. That obstacle was lifted in late June when the Allegheny County court injunction was dissolved.

L.B. Foster has suggested the Department of Justice might approve the transaction if assets related to the joint business at Portec's Huntington, W.Va., facility are sold to another company, although the company has not indicated if there is a viable deal in the works.

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