By Lisa Kerner
Charlotte, N.C., April 20 - Interpool, Inc. entered into a definitive agreement to be acquired for $27.10 per share by affiliates of Fortress Investment Group LLC.
The total transaction value, including assumed debt, is about $2.4 billion, and the transaction is expected to close in the third quarter of 2007.
Interpool's board unanimously approved the merger agreement and recommended that the company's stockholders do the same, according to a company news release.
Chairman and chief executive officer Martin Tuchman and other significant Interpool stockholders have agreed to vote shares equal to 40% of the outstanding shares of Interpool common stock in favor of the agreement.
The Fortress offer was solicited by the board's special committee in response to Tuchman's $24 per share offer.
"We are extremely pleased to announce this transaction," Tuchman said in the release.
"All along, our goal has been to achieve the best possible result for all Interpool stockholders. 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."
Blackstone, acting as financial adviser for the special committee, rendered a fairness opinion.
Interpool supplies equipment and services to the transportation industry and leases intermodal container chassis and cargo containers.
Fortress is a global alternative asset manager based in New York.
| Acquirer: | Fortress Investment Group LLC
|
| Target: | Interpool, Inc.
|
| Transaction total: | $2.4 billion
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| Price per share: | $27.10
|
| Announcement date: | April 20
|
| Expected closing: | Third quarter of 2007
|
| Stock price for target: | NYSE: IPX: $25.34 on April 19
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