CAI International shares soar on Mitsubishi HC Capital's $1.1 bln buyout deal

Mitsubishi HC Capital

18/06/2021 10:18

** Shares of transportation finance and logistics company
 CAI.N  jump as much as 44.81% to $55.26, top pct gainer on NYSE
trading premarket
    ** Co agrees to a $1.1 billion takeover by Mitsubishi HC
Capital Inc  8593.T , as the Japanese financial firm expands its
overseas operations  urn:newsml:reuters.com:*:nL3N2O000M
    * 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
    ** Mitsubishi HC Capital has offered $56 per share in cash
according to the co's statement, marking a 46.8% premium over
CAI's last closing price
    ** CAI says Timothy Page, its former interim chief executive
officer, has been promoted to president and CEO
    ** Stock up ~22% YTD, as of last close 

 (Reporting by Rithika Krishna in Bengaluru)
 ((Rithika.Krishna@thomsonreuters.com;))