The Greenbrier Companies Inc. (NYSE: GBX) has rejected a $543 million bid from Carl Icahn’s American Railcar Industries Inc. (Nasdaq: ARII).

Icahn proposed American Railcar would acquire Greenbrier for $20 per share in cash.

Greenbrier, headquartered in Lake Oswego, Ore., supplies transportation equipment, such as rail cards, and services to the railroad industry.  The company also builds marine barges and refurbishes freight cars.

St. Charles, Mo.-based American Railcar makes new railcars, railcar parts and operates a network of railcar repair centers.

The companies had been in negotiations, during which Icahn talked about acquiring Greenbrier for between $20 and $22 per share in cash, but Greenbrier’s board of directors says that price is too low and “grossly undervalues” the company. Greenbrier’s stock opened at $20.62 on Dec. 19.

Greenbrier is interested in buying American Railcar, and is ready to continue discussions with Icahn about combining the companies.

Goldman Sachs & Co. and Bank of America Merrill Lynch are Greenbrier’s financial advisers, while Skadden Arps Slate Meagher & Flom LLP and Tonkon Torp LLP are acting as legal counsel.

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