By Dhirendra Tripathi
Investing.com – CAI International (NYSE:) jumped 46% in Friday’s trading on accepting Mitsubishi HC Capital’s merger offer that pegs the enterprise value of the transportation finance company at $2.9 billion.
The Japanese leasing company will acquire all of CAI’s outstanding common stock in an all-cash transaction for $56 per share, valuing the equity of the target company at $1.1 billion. The shares touched a high of $55.79 during the session.
The transaction is expected to close by early fourth quarter of 2021.
Following the closing, CAI will be privately-held.
As of March 31, 2021, CAI operated a worldwide fleet of approximately 1.8 million CEUs of containers. CAI operates through 13 offices located in 12 countries including the U.S.
MHC itself was borne out of a merger between Mitsubishi UFJ (NYSE:) Lease and Finance and Hitachi (OTC:) Capital that became effective April 1.
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