Mobile Mini, Mobile Storage merger clears waiting period hurdle

By Lisa Kerner

Charlotte, N.C., April 7 - The Hart-Scott-Rodino waiting period has ended in the proposed merger of Mobile Mini, Inc. and Mobile Storage Group, Inc., Mobile Mini announced on Monday.

The merger of the portable storage companies remains conditioned on approval by Mobile Mini stockholders, receipt of a new $1 billion asset-based revolving credit facility and customary closing conditions, according to a Mobile Mini news release.

Mobile Mini and Mobile Storage expect the merger to close as early as June.

In February, Mobile Storage agreed to merge into Mobile Mini in a transaction valued at $701.5 million, including the assumption of $535 million of Mobile Storage debt.

Under the companies' definitive merger agreement, Mobile Mini will acquire all outstanding shares of Mobile Storage for $12.5 million in cash and shares of newly issued Mobile Mini convertible preferred stock with a liquidation preference of $154 million, it was previously reported.

The convertible preferred stock will be convertible into about 8.55 million Mobile Mini common shares, or a conversion price of $18 per share, a prior news release said.

Mobile Mini expects the merger to boost its presence in the U.K. portable storage market.

Mobile Mini is based in Tempe, Ariz. Mobile Storage is located in Glendale, Calif.

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