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07 July 2020 The on-line newspaper devoted to the world of transports 08:29 GMT+2



June 15, 2020

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Original news
The attempt by container renter CAI to divest part or all the company failed

Confirmed intention to exit the rail and rail sectors focus on the core container business. Garcia's resignation

The initiative of the American container renter CAI International to probe the market with the intention of divesting part of or all the activities of the activity, which has been started at the end of last year ( 16 December 2019), ended with nothing done. In fact, after announcing last month the suspension of the plan to sell the division that deals with railway wagons ( 6 May 2020), today the company announced that it had completed its review process strategic alternatives and having decided that the best strategy to maximize shareholder value is to focus activity on the lucrative container segment.

CAI International has specified that it has received several expressions of interest in the acquisition in recent months part of the company and that, however, given the current volatility and market instability, which - has CAI - has been highlighted by a number of bidders, none of the expressions of interest expressed judged in the best interests of the company's shareholders as - explained CAI - the Board of Directors concluded that all expressions of interest underestimated the company's value based on its assets, assets and its growth prospects.

However, the Board has confirmed its intention to exit the rail and logistics to focus on rail and logistics on the core container rental business.

The failure of the attempt to divest corporate assets it wasn't painless for the president and administrator company's ceo Victor Garcia, who resigned Resignation. Garcia joined CAI in November 2006 as a chief financial officer and senior vice president, to hire President and CEO in 2011. The advice of appointed Timothy Page as CEO and interim president of CAI, who is still looking a new permanent CEO.

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