Printer Friendly

GE CAPITAL ANNOUNCES TERMS OF T.I.P. EUROPE PLC OFFER

 STAMFORD, Conn., April 6 /PRNewswire/ -- GE Capital today announced that Transport International Pool (TIP), a GE Capital company and the board of directors of T.I.P. Europe plc have reached agreement on the terms of a recommended cash offer at 42 pence (U.S.$0.64) for each T.I.P. Europe plc ordinary share, subject to certain conditions. In addition, shareholders will be entitled to receive the interim dividend of 0.40 pence per share announced today by T.I.P. Europe plc.
 In total, the offer will be valued at approximately 71 million pounds sterling (U.S.$108 million), which represents a premium of 65 percent over the closing middle market quotation of 25.5 pence per ordinary share on April 5, 1993.
 Robert M. Agans, chairman and chief executive officer of GE Capital Modular Space and TIP, said, "T.I.P. Europe plc and its extensive European network is an important addition to our already strong North American base. Once this transaction is completed, we intend to operate under the T.I.P. Europe name in Europe, capitalizing on its strong reputation and bringing to the European market our focus on helping our customers succeed. We are confident that T.I.P. Europe's market knowledge combined with our operating expertise and favorable capital costs will result in a highly competitive and successful union."
 GE Capital, headquartered in Stamford, a wholly owned subsidiary of General Electric Company, is a diversified financial services company with assets exceeding U.S.$92 billion. GE Capital's activities include equipment management, mid-market financing, specialized financing, specialty insurance and consumer services. TIP, headquartered in Bala Cynwyd, Pa., is the largest over-the-road semi-trailer renting, leasing and sales company in North America, with more than 62,000 semi-trailers and 120 locations. GE is a diversified manufacturing technology and services company with operations worldwide.
 -0- 4/6/93
 /CONTACT: Patricia D. Yoder of GE Capital, 203-357-3965 or home, 203-629-0986/
 (GE)


CO: GE Capital; General Electric Company; T.I.P. Europe plc ST: Connecticut IN: SU: TNM

PS-SM -- NY007 -- 0137 04/06/93 09:14 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 6, 1993
Words:349
Previous Article:PECHINEY INTERNATIONAL REPORTS 1992 CONSOLIDATED RESULTS
Next Article:COREL ANNOUNCES CORELSCSI PRO -- THE SOFTWARE TO MAXIMIZE SCSI PERFORMANCE
Topics:


Related Articles
AVIS EUROPE, GE CAPITAL FLEET SERVICES REACH AGREEMENT IN PRINCIPAL FOR SALE OF AVIS LEASE'S EUROPEAN VEHICLE LEASING, FLEET MANAGEMENT BUSINESS
AVIS EUROPE, GE CAPITAL FLEET REACH AGREEMENT IN PRINCIPAL FOR SALE OF AVIS LEASE'S EUROPEAN VEHICLE LEASING AND FLEET MANAGEMENT BUSINESS
GE CAPITAL FLEET SERVICES COMPLETES PURCHASE OF AVIS EUROPE'S VEHICLE LEASING AND FLEET MANAGEMENT BUSINESS
GE CAPITAL CANADA, THROUGH ITS TIP DIVISION, SIGNS AGREEMENT TO PURCHASE TRAILER ASSETS OF INTERCAN LEASING, INC. OF CANADA
GE CAPITAL FLEET SERVICES TO ACQUIRE TRIATHLON LEASING IN CANADA
GE CAPITAL ACQUIRES LOGEROUTE IN FRANCE
TIP EUROPE LIMITED ACQUIRES GRAND TRANSPORT SYSTEMS PLC
GE CAPITAL ACQUIRES LEASECONTRACTS, PLC IN THE UK
GE CAPITAL SERVICES TIP EUROPE ACQUIRES SMITH SELF DRIVE OF THE U.K.
GE Capital Services Acquires Czech Republic's Largest Independent Car Leasing Company

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters