Ontario Teachers’ Pension Plan announced that it has agreed to buy 100% shares of SeaCube Container Leasing Ltd (BOX: Quote). The transaction has been unanimously approved by the board of directors of SeaCube, is expected to close in the first half of 2013.
Under terms of deal, SeaCube shareholders will receive $23.00 in cash per SeaCube common share, representing a 13.3% premium over the shares’ closing price on January 18. This also representing a 25% premium over the 50-day volume-weighted average price and a 130% premium over the shares’ initial public offering price in October 2010.
Teachers’ plans to operate SeaCube as a standalone business operation with the current management team remaining in place.
The deal is led by Teachers’ Long-Term Equities group, which focuses on direct investments with steady cash flow, growth potential over a long-term horizon and a low to moderate level of risk.
BofA Merrill Lynch and Deutsche Bank Securities Inc. are serving as financial advisors to SeaCube, and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisor to SeaCube.
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by RTT Staff Writer
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