United Rentals Launches Tender Offer for H&E Equipment Shares

Author: Logan Wright Updated: 01-28-2025 05:28 PM

United Rentals Announces Tender Offer for H&E Equipment Services

United Rentals, Inc. (NYSE: URI) has taken a significant step in its acquisition strategy by announcing a cash tender offer to purchase all outstanding shares of H&E Equipment Services, Inc. (NASDAQ: HEES). This move is part of their aim to strengthen their position in the equipment rental market.

Details of the Tender Offer

The cash tender offer is set at a price of $92.00 per share of H&E Equipment's common stock. This offer is net to the stockholder in cash, without interest, though it is subject to applicable tax withholding. The structured terms of this offer are detailed in the accompanying documents provided to shareholders, which include a Letter of Transmittal and an Offer to Purchase.

Expiration and Extensions

The offer is scheduled to expire one minute after 11:59 p.m. Eastern Time, on February 25. However, it may be extended under certain conditions as outlined in the Merger Agreement. Any such extensions will be publicly announced by 9:00 a.m. Eastern Time the next business day.

Regulatory Filings and Compliance

In compliance with regulations, United Rentals will submit a Tender Offer Statement to the United States Securities and Exchange Commission (SEC). In parallel, H&E will file a Solicitation/Recommendation Statement to provide guidance to its stockholders regarding this offer.

Conditions of the Offer

The offer is not contingent upon financing and will proceed if additional conditions are met. Key conditions include the valid tender of shares that ensure at least one share more than 50% of the total outstanding shares. Also vital is the adherence to antitrust regulations as outlined under the Hart-Scott-Rodino Antitrust Improvements Act.

Information and Assistance

Innisfree M&A Incorporated will serve as the information agent for the merger process, with Equiniti Trust Company, LLC acting as the depositary and paying agent. Stockholders with inquiries about the offer can contact the information agent directly.

About United Rentals

Renowned as the largest equipment rental company globally, United Rentals operates an impressive network comprising 1,571 locations in North America, 39 in Europe, 37 in Australia, and 19 in New Zealand. With around 27,550 employees, the company provides services across various sectors, including construction and industrial operations. They offer about 5,000 types of equipment for rent, with an original cost approximating $21.85 billion, and are a proud member of significant stock indices like the S&P 500.

Frequently Asked Questions

What is the purpose of United Rentals' tender offer?

The purpose is to acquire all outstanding shares of H&E Equipment Services to enhance United Rentals' position in the equipment rental market.

What is the offered price per share in the tender offer?

The offered price is $92.00 per share of H&E Equipment's common stock.

When does the tender offer expire?

The tender offer is set to expire on February 25 at 11:59 p.m. Eastern Time, unless extended.

Who can stockholders contact for information regarding the offer?

Stockholders can contact Innisfree M&A Incorporated for any inquiries about the tender offer process.

What is the significance of the Hart-Scott-Rodino Act in the offer?

This act outlines the regulatory framework that must be complied with, particularly regarding antitrust considerations for the offer's completion.

About The Author

Dedicated Author and financial expert Logan Wright here, 29 years old. After earning an economics degree, I spent a number of years working in different financial industries. My great passion is enabling everyone, from any background or experience level, to understand and be literate in financial matters.

My books and writings are centered on simplifying difficult financial ideas into doable, understandable guidance. Whether it's retirement planning, investing, or budgeting, I want to arm readers with the information they need to make wise financial choices and realize their financial objectives.

Apart from writing, I also frequently post to financial blogs and organize webinars and workshops targeted at enlightening participants about personal finance. Always, my strategy is to offer concise, doable advice that can truly improve people's lives.

Away from work, I like to read, travel, and sample new foods. My goal is to infuse everything I do with the balance that I think is essential to both financial and personal well-being. By my profession, I want to encourage and enable people to confidently and clearly take charge of their financial futures.

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