TGH - Textainer Announces Expiration of Go-Shop Period | Benzinga
HAMILTON, Bermuda and NEW YORK, Nov. 22, 2023 (GLOBE NEWSWIRE) -- Textainer Group Holdings Limited (NYSE:TGH, JSE: TXT)) ("Textainer"), one of the world's largest lessors of intermodal containers, today announced the expiration of the 30-day "go-shop" period under the terms of the previously announced definitive agreement to be acquired by Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets. Under and subject to the terms of the agreement, Stonepeak will acquire Textainer for $50.00 per share in cash, representing an enterprise value of approximately $7.4 billion. The "go-shop" period expired at 12:01 a.m. Eastern Time on November 22, 2023.
During the "go-shop" period, Textainer and its financial advisor were permitted to actively solicit and consider alternative acquisition proposals. Neither Textainer nor its representatives received an alternative acquisition proposal during the "go-shop" period.
The transaction is expected to close in the first quarter of 2024, subject to customary closing conditions, including approval by Textainer shareholders and the receipt of required regulatory clearances and approvals. Upon closing of the transaction and the redemption of Textainer's Series A and B cumulative redeemable perpetual preference shares, Textainer will become a private company and its common shares will no longer be listed on the New York Stock Exchange or the Johannesburg Stock Exchange.
About Textainer Group Holdings Limited
Textainer has operated since 1979 and is one of the world's largest lessors of intermodal containers with more than 4 million TEU in our owned and managed fleet. We lease containers to approximately 200 customers, including all of the world's leading international shipping lines, and other lessees. Our fleet consists of standard dry freight, refrigerated intermodal containers, and dry freight specials. We also lease tank containers through our relationship with Trifleet Leasing and are a supplier of containers to the U.S. Military. Textainer is one of the largest and most reliable suppliers of new and used containers. In addition to selling older containers from our fleet, we buy older containers from our shipping line customers for trading and resale and we are one of the largest sellers of used containers. Textainer operates via a network of 14 offices and approximately 400 independent depots worldwide. Textainer has a primary listing on the New York Stock Exchange (NYSE:TGH) and a secondary listing on the Johannesburg Stock Exchange (JSE: TXT). Visit www.textainer.com for additional information about Textainer.
About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $57.9 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak sponsors investment vehicles focused on private equity and credit. The firm provides capital, operational support, and committed partnership to grow investments in its target sectors, which include communications, energy and energy transition, transport and logistics, ...