TORONTO, Jan. 18, 2013 /PRNewswire/ - Ontario Teachers' Pension Plan (Teachers') and SeaCube Container Leasing Ltd. (SeaCube) (NYSE: BOX), today announced they have entered into an agreement by which Teachers' will acquire 100% of the shares of SeaCube, one of the world's largest container leasing companies.
Under the terms of the agreement, 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, 2013, 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.
The transaction has been unanimously approved by the board of directors of SeaCube, is expected to close in the first half of 2013 and is subject to customary closing conditions, including foreign and U.S. regulatory approvals. In addition, the transaction is subject to approval by the shareholders of SeaCube.
SeaCube is based in Park Ridge, New Jersey, and has seven offices worldwide. It acquires, owns, manages and leases containers that are essential intermodal equipment used in global containerized cargo trade. Equipment is primarily leased under long-term contracts to the world's largest shipping lines.This transaction 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. Teachers' plans to operate SeaCube as a standalone business operation with the current management team remaining in place. "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. 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.