Navigate this market better. Subscribe for FREE stock alerts and information.

Friday, January 18, 2013

Ontario Teachers' to purchase SeaCube Container Leasing for $467 mln, (NYSE: BOX)

Ontario Teachers' Pension Plan, one of Canada's largest pension funds, said on Friday it will purchase SeaCube Container Leasing Ltd for about $467 million. Under the terms of the agreement, SeaCube shareholders will receive $23 for each share, a 13 percent premium to the company's Friday closing on the New York Stock Exchange.The deal, which is in U.S. currency, has been unanimously approved by the board of SeaCube, and is expected to close in the first half of 2013, Ontario Teachers' said in a statement.The deal is being led by Ontario Teachers' Long-Term Equities group. The pension fund also plans to operate SeaCube as a standalone business operation with the current management team remaining in place.SeaCube is incorporated in Bermuda. The head office is in Park Ridge, N.J.

Shares of BOX traded higher by 2.94% or $0.58/share to $20.30. In the past year, the shares have traded as low as $14.71 and as high as $19.79. On average, 69230 shares of BOX exchange hands on a given day and today's volume is recorded at 243686.