Rollins shares rally after Penske announcement
NEW YORK (Jan. 22, 2001) — The stock market made Penske Truck Leasing Co.’s agreement to pay $13US a share for Rollins Truck Leasing Corp. look like a bargain last week.
Shares in Rollins jumped 52% Tuesday, a day after the agreement was announced. The stock was the New York Stock Exchange’s top percentage gainer, trading up $4-7/16 at a high of $12-7/8. The 52-week low is $4-7/8.
Penske Truck Leasing Co. LP, a joint venture between Penske Corp. and General Electric Co.’s GE Capital unit, will pay about $754 million in cash for Rollins. Penske is the parent company of Rentway Ltd., Canada’s largest full-service truck rental and leasing company.
Have your say
This is a moderated forum. Comments will no longer be published unless they are accompanied by a first and last name and a verifiable email address. (Today's Trucking will not publish or share the email address.) Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.