RTTNews | Jun 18, 2021 08:12AM EDT

08:11 Friday, June 18, 2021 (RTTNews.com) - Shares of CAI International Inc. (CAI) are surging over 45% in pre-market today, after the company announced a definitive deal to be acquired by Mitsubishi HC Capital Inc. in an all-cash transaction for $56.00 per share.

CAI is currently trading at $55.70, up $17.54 or 45.96% in the pre-market session today. The stock, which has been trading in the range of $15.51 - $50.21 for the past one year, closed Thursday's trade at $38.16, down $1.75 or 4.38%, with trading volume of 268K versus an average volume of 162K shares.

The deal price represents a total equity value of about $1.1 billion, and an enterprise value of $2.9 billion. The cash consideration of $56.00 per share of common stock represents a 46.8% premium over CAI's closing stock price as on June 17, 2021, and a 31.3% premium over the volume weighted average share price during the 60 trading days ended June 17, 2021.

CAI would continue to pay quarterly non-pro-rated dividends at $0.30 per share per quarter until the closing of the transaction. The transaction is currently expected to close in the late third quarter or early fourth quarter of 2021.

Read the original article on RTTNews ( https://www.rttnews.com/3203466/stock-alert-cai-international-shares-soar-in-early-trade-on-acquisition-news.aspx)

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