TGH - Why Textainer Stock Is Skyrocketing This Week
2023-10-27 09:42:40 ET
Textainer (NYSE: TGH) stock is seeing big gains in this week's trading. The shipping container specialist was up 43.7% from last week's market close before the market opened this Friday, according to data from S&P Global Market Intelligence .
Textainter published a press release on Oct. 22 announcing that it had agreed to a buyout deal that would take the company private. The company is on track to be purchased by private equity firm Stonepeak at a price of $50 per share.
The $50-per-share buyout price for Textainer represented a roughly 46% premium compared to where the stock closed last Friday. The deal values the shipping container specialist at roughly $2.1 billion and suggests an enterprise valuation of approximately $7.4 billion. The deal is expected to close in the first quarter of next year.
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Why Textainer Stock Is Skyrocketing This Week