(Reuters) -Transportation finance and logistics company CAI International Inc said on Thursday it has entered into a definitive agreement to be acquired by Mitsubishi HC Capital Inc for an enterprise value of $2.9 billion.
The Japanese financial company has offered $56.00 per share in cash, marking a 46.8% premium over CAI’s last closing price, according to the company’s statement refini.tv/3xtc0hv.
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 complete.
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.
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