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CAI - CAI International slides after termination of strategic process initiates dividend
CAI International Inc.
CAI International (NYSE:CAI) previously announced that it was involved in a comprehensive effort to maximize stockholder value.
The company had received multiple expressions of interest regarding a sale of all or a portion of the Company.
CAI's board concluded that all of the expressions of interest undervalued the Company based upon its assets, operations and prospects for growth.
The Company to exit the rail and logistics businesses, enabling the Company to focus solely on the container leasing business.
The Board has approved the initiation of regular quarterly cash dividends on its common stock at the rate of $0.25/share from 3Q20.
In addition, Timothy Page, the Company’s Chief Financial Officer, was appointed Executive Vice President and Interim President and Chief Executive Officer to succeed Victor Garcia.