Xtra, Apollo Terminate Merger

BOSTON – Xtra Corp. and an acquisition company formed by New York-based Apollo Management and Interpool Inc. mutually agreed to terminate their merger agreement.

Xtra said the three companies are continuing to discuss the possibility of an alternative transaction.

The original proposal, announced in June, called for a $1.9 billion buyout of Xtra by Apollo and Interpool, an ocean container leasing company.

A special meeting of Xtra shareholders was set for Nov. 27 to vote on the transaction. The meeting has been canceled.

Xtra is a major lessor of over-the-road trailers, marine containers and intermodal equipment.

For the full story, see the Dec. 7 print edition of Transport Topics. Subscribe today.

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