Xtra to be sold for $976 million to group led by Interpool, Apollo

Article Abstract:

A group that includes Interpool Inc. and Apollo Management will buy Xtra Corp., a lessor of freight transportation equipment, for $976 million in cash. A newly formed company will be formed under the agreement will pay $65 a share for 97% of Xtra's outstanding stock. Xtra, which leases truck trailers, railroad cars, and marine shipping containers, has been the target of several takeover bids in recent years following a record of poor performance. The transaction will be completed later in the year with assistance in debt financing provided by Chase Manhattan Corp. and Credit Suisse First Boston.

Comment:

Credit Suisse First Boston to provide debt financing in purchase of Xtra by Interpool and Apollo

Commercial Banks, Commercial Banking, Asset sales & divestitures, Acquisitions & mergers, Banking Institutions, Depository Credit Intermediation, Switzerland, Transportation Equipment Manufacturing, Use of Funds, Truck Rent & Lease, Truck, Utility Trailer, and RV (Recreational Vehicle) Rental and Leasing, Commercial Air, Rail, and Water Transportation Equipment Rental and Leasing, Transport Equipment, Leased Freight Cars, Banks (Finance), Chase Manhattan Corp., Truck rental, XTRA Corp., Transportation equipment, Credit Suisse First Boston L.L.C., Freight cars, Railcar leasing and renting, Interpool Inc.

---

Cambridge lowers growth projection: shares drop 22%

Article Abstract:

Cambridge Technology Partners Inc. lowered its growth target for 1999 to between 40% to 45% down from 50% previously. The company experienced a slight slowdown in existing projects, because of 1999 budget re-evaluations by some customers and project deferrals by customers focusing on year 2000 computer issues. Cambridge Technology is a major player in a $100 billion world wide market. The company consults as well as installs and maintains computer hardware and software.

Forecasts, trends, outlooks, Computer Services NEC, Computer Systems Design and Related Services, Information technology services, Cambridge Technology Partners

---

Cendant CEO's wealth melts with share price

Article Abstract:

Cendant Corp.'s CEO, Henry R. Silverman, held over 46 million stock options that were worth nearly $1.2 billion in early April 1998. However, by July 1998, the value of his options fell to approximately $250 million as a result of the drop in Cendant's share price. The company's share price fell after revelations of accounting fraud at its CUC International division.

Comment:

CEO Henry R. Silverman's stock options fall in value to $250 million in July 1998 from $1.2 billion in April 1998

Executive changes & profiles, Company Personnel, Patent Owners & Lessors, Lessors of Nonfinancial Intangible Assets (except Copyrighted Works), Patent licensing, Avis Budget Group Inc.

Similar abstracts:

• Abstracts: Owens Corning agrees to asbestos pact; settlement for $1.2 billion with plaintiffs' lawyers may resolve all suits
• Abstracts: KeyCorp agrees tp buy McDonald & Co. for about $653 million GE Capital Services agree to acquire Pitney Bowes operation for $800 million
• Abstracts: New Motorola technology will feature voice commands to get internet data
• Abstracts: 3 industries pass tests for year 2000 computer glitch. Monsanto set to acquire Cargill's foreign seed unit. The last-stand partnership on Wall Street
• Abstracts: United Video makes offer for Gemstar. Netscape and Qwest plan to announce Web alliance

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.