Amsted’s board approved a revised buy-out plan.

The leveraged buy-out is being attempted by a group of Amsted executives and the company’s employee stock ownership plan. In its revised proposal, the group offered $32.25 in cash, $27 face value debentures and $4 face amount of a new preferred stock for each of Amsted’s 11 million common shares outstanding. The group initially proposed to pay $37 in cash and $27 face amount of the debentures for each Amsted share, but that proposal was abandoned Nov. 27. Amsted Industries is a leading manufacturer of wheels and other products for railroad cars.