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TGH

Textainer

$9.11

(0.00%)

09:04
12/02/19
12/02
09:04
12/02/19
09:04

Textainer to acquire Leased Assets Pool Company for approximately $66M in cash

Textainer announced that the company's wholly-owned subsidiary, Textainer Limited, has entered into an agreement to purchase Leased Assets Pool Company for an equity value of approximately $66M in cash. The company intends to repay LAPCO's existing debt at the closing and refinance the LAPCO containers which are managed by Textainer in one or more of the Company's existing revolving credit facilities. The transaction is subject to certain closing conditions and is expected to close by year-end. LAPCO owns a fleet of approximately 163,000 TEU of intermodal containers managed by Textainer and approximately 3,000 TEU of containers managed by other container lessors. LAPCO is an indirect subsidiary of Trencor Limited, which owns approximately 48% of Textainer's common shares. The percentage of Textainer's owned fleet will increase to 85.4% from 80.8% following the closing of the acquisition. In connection with the transaction, Textainer engaged the services of an independent valuation consultant to determine the fair market value of LAPCO and the transaction's consideration was supported by the valuation.

TGH Textainer
$9.11

(0.00%)

11/05/19
COWN
11/05/19
DOWNGRADE
COWN
Market Perform
Textainer downgraded to Market Perform from Outperform at Cowen
Cowen analyst Helane Becker downgraded Textainer to Market Perform from Outperform.
11/05/19
COWN
11/05/19
DOWNGRADE
Target $11
COWN
Market Perform
Textainer downgraded to Market Perform at Cowen
As reported previously, Cowen analyst Helane Becker downgraded Textainer to Market Perform from Outperform. The analyst said the company is seeing a drop in utilization rate as there continues to be more returned containers than lease outs. she said the company is buying back stock but believes they should be more aggressive. Becker lowered her price target to $11 from $13 on Textainer shares.

TODAY'S FREE FLY STORIES

AAP

Advance Auto Parts

$156.80

0.6 (0.38%)

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TCNNF

Trulieve Cannabis

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WEN

Wendy's

$21.48

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GOOG

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$NSD

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$NYE

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MYL

Mylan

$18.85

0.17 (0.91%)

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DIS

Disney

$146.98

0.86 (0.59%)

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Treasury Budget data reported »

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YETI

Yeti

$32.29

1.66 (5.42%)

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SPX

S&P 500

$0.00

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, SPY

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S&P 500

$0.00

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SPDR S&P 500 ETF Trust

$313.65

0.1 (0.03%)

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$0.00

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SPY

SPDR S&P 500 ETF Trust

$313.65

0.1 (0.03%)

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$0.00

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SPY

SPDR S&P 500 ETF Trust

$313.65

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SAIA

Saia

$93.02

1.6 (1.75%)

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HD

Home Depot

$212.00

-3.84 (-1.78%)

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EVH

Evolent Health

$8.60

-0.39 (-4.34%)

, ANTM

Anthem

$280.75

-2.84 (-1.00%)

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EVH

Evolent Health

$8.60

-0.39 (-4.34%)

ANTM

Anthem

$280.75

-2.84 (-1.00%)

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PAAS

Pan American Silver

$20.30

0.53 (2.68%)

13:45
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Options
Pan American Silver call volume above normal and directionally bullish »

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13:45
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General news
Treasury Budget to be reported at 14:00 »

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