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Acquisition of SeaCube Container Leasing Ltd. by Ontario Teachers' Pension Plan May Not Be in SeaCube Container Leasing Ltd. Shareholders' Best Interests

SAN DIEGO and PARK RIDGE, N.J., Jan. 23, 2013 /PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo LLP are investigating the acquisition of SeaCube Container Leasing Ltd. (NYSE: BOX) by Ontario Teachers' Pension Plan.  SeaCube engages in the acquisition, leasing, and subsequent sale of refrigerated and dry containers and generator sets.    

(Logo: http://photos.prnewswire.com/prnh/20130103/MM36754LOGO)

On January 18, 2013, SeaCube announced that it had entered into an agreement to be acquired by Ontario Teachers' Pension Plan.  Pursuant to the agreement, SeaCube's shareholders will receive $23 in cash for each share of common stock.  The transaction has been approved by the board of directors of SeaCube.  Additionally, it is expected that SeaCube will operate as a standalone business operation with the current management team remaining in place.  

The Board of Directors' Actions May Prevent SeaCube Shareholders from Receiving the Maximum Value for Their Stock

Robbins Arroyo LLP's investigation focuses on whether the board of directors at SeaCube is undertaking a fair process to obtain maximum value and adequately compensate its shareholders or seeking to benefit themselves.  The $23 per share offer price is below the $24 target price set by an analyst at Deutsche Bank on November 7, 2012. 

Further, on November 5, 2012, SeaCube reported financial results for the third quarter 2012, reflecting increases in revenue, net income, and gross profit over the same quarter for the prior year.  Specifically, the company reported a 30% increase in net income over the same period the previous year.  In addition, total revenue for the third quarter increased to $49.5 million compared to $45.2 million for the third quarter 2011.  Moreover, SeaCube's quarterly results have beat analyst earnings per share estimates in six of the previous eight quarters.      

Given, these facts, the firm is examining the board of directors' decision to sell SeaCube now rather than allow shareholders to continue to participate in the company's continued success and future growth prospects.   

SeaCube shareholders have the option to file a class action lawsuit against the company to secure the best possible price for shareholders and the disclosure of material information so shareholders can vote on the transaction in an informed manner. SeaCube shareholders interested in information about their rights and potential remedies can contact Darnell R. Donahue at (800) 350-6003, ddonahue@robbinsarroyo.com, or via the shareholder information form on the firm's website.

Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law.  The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.  For more information, please go to http://www.robbinsarroyo.com.

Press release link: http://www.robbinsarroyo.com/shareholders-rights-blog/seacube/

Attorney Advertising. Past results do not guarantee a similar outcome.  

Contact:
Darnell R. Donahue
Robbins Arroyo LLP
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com

 

SOURCE Robbins Arroyo LLP

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