TORONTO - The Ontario Teachers' Pension Plan says it plans to acquire SeaCube Container Leasing Ltd., one of the world's largest container leasing companies.
No overall value on the deal was disclosed by Teachers, but it said SeaCube (NYSE:BOX) shareholders will receive $23 in cash per common share. The company has just under 20.3 million shares.
The offer represents a 13.3 per cent premium over SeaCube's Friday's closing price and a 25 per cent premium over its 50-day volume-weighted average price. It is also a 130 per cent premium over the issue's initial public offering price in October 2010, Teachers said.
The transaction has been unanimously approved by the board of directors of SeaCube and is expected to close in the first half of 2013, subject various regulatory and shareholder approvals.
Park Ridge, N.J.,-based SeaCube has seven offices worldwide and owns, manages and leases containers for the global containerized cargo trade. The equipment is primarily leased under long-term contracts to the world's largest shipping lines.
"SeaCube is a good fit with our investment criteria of providing reliable income streams, consistent performance and growth opportunities," said Lee Sienna, vice-president, long-term equities at Teachers.
With $117.1 billion in assets as of Dec. 31, the Ontario Teachers' Pension Plan is the largest single-profession pension plan in Canada. Iit invests the pension fund's assets and administers the pensions of 300,000 active and retired teachers in Ontario.
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