A group led by Fortressundefined agreed to buy cargo outfit Interpool (IPX) for $27.10 a share in cash, or $800 million.
Princeton, N.J.-based Interpool said CEO Martin Tuchman and other big shareholders have agreed to back the deal. They own 40% of the stock.
Interpool said its board formed a panel to review and evaluate a proposal from Tuchman at $24 per share in cash. The special committee, acting through its advisers, solicited competing offers for the company and negotiated the terms of the Fortress offer.
"All along, our goal has been to achieve the best possible result for all Interpool stockholders," said Tuchman. "The transaction proposed by Fortress, which was negotiated by our Special Committee, captures the value we have built in Interpool over many years, and along with the rest of our Board I am supportive of this transaction."