Transportation finance and logistics company CAI International Inc said on Thursday it has agreed to a $1.1 billion takeover by Mitsubishi HC Capital Inc, as the Japanese financial firm expands its overseas operations.
The deal consists of $104 million worth of preferred stock and $986 million of common stock equity value, and has an enterprise value of $2.9 billion, CAI said on Thursday.
Mitsubishi HC Capital has offered $56 per share in cash according to the company’s statement, marking a 46.8% premium over CAI’s last closing price.
The deal has been unanimously approved by CAI’s board of directors, the company said, adding that shares of CAI will no longer be listed on the New York Stock Exchange after the deal is completed.
CAI also said Timothy Page, its former interim chief executive officer, has been promoted to president and CEO.
In September last year, Mitsubishi UFJ Lease struck a deal with its smaller rival Hitachi Capital, in a move to compete with global competitors and changed its name to Mitsubishi HC Capital Inc.
Source: Reuters.com