Shares of McGrath RentCorp reached a 52-week high on Monday as the portable-building company announced its agreement to be acquired by WillScot Mobile Mini Holdings. The deal, valued at approximately $3 billion, will be paid in cash and stock.

Under the terms of the agreement, McGrath shareholders have the option to receive either $123 in cash or 2.8211 WillScot shares for every share they hold. The overall consideration for the deal will be 60% cash and 40% stock.

The cash portion of the deal represents a premium of around 10% compared to McGrath’s closing price of $111.75 on Friday. On the other hand, the stock portion, with a value of approximately $127.29 based on WillScot’s closing price of $45.12 on Friday, offers a premium of 14%.

Following this announcement, shares of McGrath rose by 9.6% and reached a high of $123.52 during the early trading session. Conversely, WillScot shares experienced a slight decline of 0.6% to $44.86.

The acquisition, which includes McGrath’s net debt of approximately $800 million, is expected to be completed in the second quarter.

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