CAI shares soared nearly 45% in pre-market,as it has agreed to a $1.1 billion takeover by Mitsubishi HC Capital Inc.
The deal consists of $104 million worth of preferred stock and $986 million of common stock equity value, and has an enterprise value of $2.9 billion, CAI said on Thursday.
Mitsubishi HC Capital has offered $56 per share in cash according to the company's statement, marking a 46.8% premium over CAI's last closing price.
The deal has been unanimously approved by CAI's board of directors, the company said, adding that shares of CAI will no longer be listed on the New York Stock Exchange after the deal is completed.
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