Mcgrath Rentcorp (MGRC) has released an update to notify the public and investors about an entry into a material definitive agreement.
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On January 28, 2024, McGrath RentCorp entered into a Merger Agreement with WillScot Mobile Mini Holdings Corp. and its subsidiaries, outlining a two-step merger process resulting in McGrath RentCorp becoming a wholly owned subsidiary of WillScot. The merger is contingent on shareholder approval, regulatory consents, and other customary conditions. Shareholders can elect to receive cash or stock consideration for their shares, with specific allocations set for cash and stock options. The agreement includes provisions for the treatment of McGrath RentCorp’s outstanding equity awards and contains various pre-closing covenants, representations, warranties, and termination rights.
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