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United Rentals, through its subsidiary UR Merger Sub VI Corporation, has completed its tender offer to acquire General Finance Corporation for $19.00 per share. The offer, which expired on May 21, 2021, saw 27,625,450 shares tendered, amounting to approximately 91.4% of General Finance's outstanding shares. The acquisition is scheduled for completion on May 25, making General Finance a wholly owned subsidiary. Post-merger, General Finance's common stock and preferred shares will be cancelled and delisted from NASDAQ.
General Finance Corporation (NASDAQ: GFN) reported its third quarter and year-to-date financials for 2021, showcasing a 16% increase in rental revenues from core products in North America year-over-year. Total revenues remained stable at $90 million, with adjusted EBITDA rising to $25 million, marking a margin improvement to 28%. Notably, the net income was $10.3 million, up from a loss of $9.5 million a year prior. The company is in the process of an acquisition by United Rentals, expected to close in Q2 2021. However, full-year guidance has been suspended due to this pending transaction.
United Rentals announced a cash tender offer to acquire all outstanding shares of General Finance at $19.00 per share. This offer, made through its subsidiary UR Merger Sub VI Corporation, is part of a merger agreement finalized on April 15, 2021. The tender offer will expire on May 21, 2021, unless extended. The transaction is not subject to any financing conditions but is contingent upon certain regulatory approvals and the tendering of sufficient shares. The General Finance board recommends stockholders accept the offer.
General Finance Corporation (NASDAQ:GFN) will announce its Q3 fiscal year 2021 financial results on May 5, 2021. Following a definitive agreement with United Rentals, Inc. (NYSE:URI), GFN will be acquired for $19 per share in cash, with a tender offer expected by April 26, 2021. The acquisition is subject to regulatory approvals and is anticipated to close in Q2 2021. Consequently, GFN will not hold its usual earnings conference call this quarter, with financial results available on their Investor Relations page.
United Rentals will acquire General Finance for $19 per share, totaling approximately $996 million, including $400 million net debt. The acquisition aims to enhance United Rentals' market presence and diversify service offerings in mobile storage and modular office space. General Finance operates 106 branches across North America and Australia/New Zealand, generating $94 million adjusted EBITDA on $346 million revenue. The deal, expected to close in Q2 2021, is projected to yield $65 million in revenue synergies and $17 million in adjusted EBITDA benefits by the second year post-acquisition.
General Finance Corporation (NASDAQ:GFN) has declared a cash dividend of $2.225 per share on its 9.00% Series C Cumulative Redeemable Perpetual Preferred Stock. This dividend, the thirty-second for the Series C Preferred Stock, pertains to the period from January 31, 2021, to April 29, 2021. It is payable on April 30, 2021, to stockholders on record as of April 29, 2021. The company specializes in portable storage, modular space, and liquid containment solutions.
General Finance Corporation (NASDAQ: GFN) reported its financial results for Q2 and YTD fiscal 2021, revealing a 9% increase in rental revenues from core non-liquid containment products in North America. Total revenues declined to $89.1 million from $92.1 million year-over-year, while adjusted EBITDA rose slightly to $26.8 million. Net income decreased to $8.3 million or $0.27 per diluted share. The company entered a new market in Asia-Pacific and completed an acquisition. Revenue from oil and gas sectors continued to impact performance negatively.
General Finance Corporation (NASDAQ:GFN) will release its financial results for Q2 of fiscal year 2021, ending December 31, 2020, before the U.S. market opens on February 8, 2021. A conference call for discussion of these results will follow at 8:30 a.m. PT. Participants can access the call via U.S. (866) 901-5096 or international (706) 643-3717, using conference ID 1605269. A replay will be available until February 22, 2021. For further details, visit the Company’s Investor Relations section online.
General Finance Corporation (NASDAQ:GFN) announced a cash dividend of $2.30 per share on its 9.00% Series C Cumulative Redeemable Perpetual Preferred Stock (GFNCP). This marks the thirty-first dividend payment on the Series C Preferred Stock, covering the period from October 31, 2020 to January 30, 2021. The dividend is payable on February 1, 2021 to shareholders of record as of January 30, 2021.
On January 15, 2021, General Finance Corporation (NASDAQ:GFN) will redeem its remaining $11.6 million of 8.125% Senior Notes, due July 2021, at a price of $25 per note plus accrued interest. Following the redemption, the notes will be delisted from NASDAQ under the symbol 'GFNSL'. This strategic move indicates the company's commitment to reducing its debt obligations.
Trading of the notes will conclude on January 14, 2021, and a Form 25 will be filed with the SEC on January 22, 2021.
