WSC - Why McGrath Rentcorp Stock Popped Today
2024-01-29 19:29:51 ET
Shares of McGrath RentCorp (NASDAQ: MGRC) jumped 10.7% on Monday after the temporary space solutions company agreed to be acquired by WillScot Mobile Mini (NASDAQ: WSC) .
More specifically, WillScot Mobile will acquire McGrath for $123 per share in cash and stock -- a roughly 10.1% premium to McGrath's closing price on Friday and reflecting an enterprise value of $3.8 billion (including roughly $800 million of net debt).
"This combination provides McGrath customers and employees a platform for continued growth and success, while providing McGrath shareholders with immediate cash value as well as participation in the upside potential of the combined company," stated McGrath CEO Joseph Hanna.
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Why McGrath Rentcorp Stock Popped Today