MIUFY - CAI International gains 45% on merger deal with Mitsubishi HC Capital; promotes Timothy Page to CEO

CAI International (CAI) rose 45% after-hours in reaction to the announcement that it has inked agreement to be acquired by Mitsubishi HC Capital (MIUFY).Under the terms of the merger agreement, Mitsubishi will acquire all of CAI’s outstanding shares in an all-cash transaction for $56.00/share, which represents a total equity value of ~$1.1B, consisting of $104M of preferred stock and $986M of common stock, assuming a fully-diluted share count of 17.6M, and an enterprise value of $2.9B. The cash consideration of $56.00/share represents a 46.8% premium over CAI's closing price of $38.16 on June 17, 2021.Holders of the Company’s Series A and B preferred stock will receive cash equal to $25.00/share plus all accrued and unpaid dividends as of the date the merger is consummated. The transaction is expected to close in the late Q3 or early Q4 2021. In addition, the Board of Directors have unanimously voted to promote Timothy Page from

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CAI International gains 45% on merger deal with Mitsubishi HC Capital; promotes Timothy Page to CEO