Certain shareholders of CAI International Inc. intend to to continue talking with the company's management on how to increase shareholder value, as the shareholders believe the stock price is not reflective of the company's intrinsic value.
Weiss Asset Management LP, BIP GP LLC, WAM GP LLC and Andrew Weiss argued that CAI International's Aug. 22 stock price of $19.38 is an approximately 42% discount to its June 30 book value per common share of $33.77. The investors intend to talk to CAI International's management and board about various matters including the company's operations, executive and director compensation arrangements, and strategic alternatives. The shareholders also said they might communicate with other current or potential investors and interested parties.
The shareholders also noted they called on CAI International to engage with a financial adviser in order to explore strategic alternatives at the annual shareholders' meeting in June.
BIP GP, the parent company of Weiss Asset Management according to S&P Global Market Intelligence, owns a 3.81% stake in the specialty finance company, while the other three investors own a 5.67% stake each.
