URI - Why General Finance Stock Is Soaring Today
Shares of General Finance (NASDAQ: GFN) gained more than 50% on Friday morning after the portable storage company announced it has agreed to be acquired by United Rentals (NYSE: URI) for $996 million. The deal offers a substantial premium to General Finance's Thursday close, and the stock is moving as a result.
After markets closed Thursday United Rentals announced its intention to acquire General Finance for $19 per share in cash, well above the target's previous close of $12.17.
General Finance provides mobile storage and modular office space for a number of industries, operating as Pac-Van and Container King in North America and as Royal Wolf in Australia and New Zealand.
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Why General Finance Stock Is Soaring Today