Fleet-heavy ocean carriers also stuck with too many containers
Not only do ocean carriers have too many ships, they also have too many containers ...
Investing.com writes:
New York-based alternative investment firm, Stonepeak Partners LP, with $57.1 billion under management, has announced plans to acquire Textainer Group Holdings Limited (NYSE: NYSE:TGH), a global lessor of intermodal containers based in Hamilton, Bermuda. The deal, disclosed on Sunday, October 22, 2023, values Textainer at $2.1 billion, offering shareholders a premium of 46.41% from the closing price on Friday, October 20.
The transaction includes a cash payout of $50 per share for common shareholders and the redemption of Textainer’s Series A and B preference shares. This announcement resulted in a significant rise in Textainer’s share price by 39.7%. The enterprise value of the acquisition is estimated at $7.4 billion.
Following the acquisition, Textainer will be delisted from the NYSE and Johannesburg Stock Exchange after maintaining a public listing for 16 years. This decision was confirmed by Chairman Hyman Shwiel. Despite the change in ownership, operations will continue under the leadership of current CEO Olivier Ghesquiere.
The full post is here.
It looks like we called it right then, six months ago when the stock traded around current levels… click here for more.
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