CAI Int'l Agrees To Be Taken Private By Mitsubishi HC Capital In $1.1 Bln Deal

(RTTNews) - CAI International Inc. (CAI) agreed to be taken private by Mitsubishi HC Capital for $56.00 per share in cash, which represents a total equity value of about $1.1 billion.

The deal consists of $104 million of preferred stock and $986 million of common stock equity value, assuming a fully-diluted share count of 17.6 million based on the treasury stock method, and represents an enterprise value of $2.9 billion.

The cash consideration of $56.00 per share of common stock represents a 46.8% premium over CAI's closing stock price June 17, 2021.

The transaction is currently expected to close in the late third quarter or early fourth quarter of 2021.

CAI said it will continue to pay quarterly non-pro-rated dividends at $0.30 per share per quarter until the closing of the transaction. Following the closing, shares of capital stock of CAI will no longer be listed on the New York Stock Exchange.

CAI board has voted to promote Timothy Page from Interim President and Chief Executive Officer to President and Chief Executive Officer.

CAI closed Thursday regular trading at $38.16 down $1.75 or 4.38%. But, in the after-hours trade, the stock gained $17.22 or 45.13%.