Ontario Teachers' to buy SeaCube Container Leasing for $467 million
(Reuters) - Ontario Teachers' Pension Plan, one of Canada's largest pension funds, said on Friday it will buy SeaCube Container Leasing Ltd BOX.N for about $467 million.
Under the terms of the agreement, SeaCube shareholders will receive $23 for each share, a 13 percent premium to the company's Friday closing on the New York Stock Exchange.
The deal, which is in U.S. currency, has been unanimously approved by the board of SeaCube, and is expected to close in the first half of 2013, Ontario Teachers' said in a statement.
The deal is being led by Ontario Teachers' Long-Term Equities group. The pension fund also plans to operate SeaCube as a standalone business operation with the current management team remaining in place.
SeaCube is incorporated in Bermuda. The head office is in Park Ridge, N.J.
(Reporting by Shounak Dasgupta in Bangalore; Editing by Bernard Orr)
- Tweet this
- Share this
- Digg this
PARIS/LONDON - PSA Peugeot Citroen said on Thursday it took a 1.1 billion euro ($1.52 billion) writedown at its ailing overseas operations and is pursuing a tie-up with China's Dongfeng Motor Group that would give the French carmaker the time and cash to pull out of its downward spiral. | Video
FRANKFURT - New solar installations reached a fresh record of 7.5 gigawatts (GW) in Germany in 2011, playing into the hands of advocates for steeper cuts in tariff subsidies to reduce growth of solar power and the resulting higher costs for consumers.