Feb. 19, 2013 (Shareholders Foundation) -- An investor in NYSE:BOX shares filed a lawsuit to block the proposed takeover of seacube container leasing ltd by the Ontario Teachers' Pension Plan to acquire for $23.00 per NYSE:BOX.
On Jan. 18, 2013, the Ontario Teachers' Pension Plan and SeaCube Container Leasing Ltd. (NYSE: BOX) announced they have entered into an agreement by which the Ontario Teachers' Pension Plan will acquire 100% of the shares of SeaCube Container Leasing Ltd. Under the terms of the agreement, SeaCube Container Leasing Ltd shareholders will receive $23.00 in cash per NYSE:BOX common share
However, at least one analyst has set the high target price for NYSE:BOX shares at $24.00 per share. In addition, SeaCube Container Leasing’s financial performance improved over the past recent years. For instance, seacube container leasing ltd reported that its annual Revenue rose from $137.25 million in 2010 to $169.48 million in 2011 and its Net Income increased from $29.62 million in 2010 to $39.02 million. Furthermore, shares of seacube container leasing ltd (NYSE:BOX) grew from as low as $11.42 per share in Sept. 2011 to as high as $20.33 on January 18, 2013.

However, the plaintiff alleges that the defendants breached their fiduciary duties by agreeing to sell the company too cheaply via an unfair process.