Summary
United Rentals, Inc. (URI) announced on February 19, 2025, the termination of its Agreement and Plan of Merger with H&E Equipment Services, Inc. (H&E). This termination led to the withdrawal of URI's cash tender offer for H&E's common stock, which had commenced on January 28, 2025. The company has stated that a condition of the tender offer could no longer be satisfied due to the merger agreement's termination. As a result of this development, H&E will pay URI a termination fee of approximately $63.5 million. Additionally, URI has terminated its amended and restated bridge facility commitment letter that was arranged in connection with the now-canceled merger transaction. Investors should note that this event signifies a strategic shift and the abandonment of the planned acquisition of H&E.
Key Highlights
- 1Termination of the Agreement and Plan of Merger with H&E Equipment Services, Inc. (H&E) on February 19, 2025.
- 2Withdrawal of the cash tender offer by URI for all outstanding shares of H&E common stock.
- 3The termination was triggered because a condition of the tender offer could no longer be met.
- 4H&E Equipment Services, Inc. will pay United Rentals, Inc. a termination fee of $63,523,892.
- 5Termination of the amended and restated bridge facility commitment letter previously secured for the merger.
- 6This filing indicates the discontinuation of the planned acquisition of H&E.
- 7The event is classified under Item 1.02 (Termination of a Material Definitive Agreement) and Item 8.01 (Other Events) of the 8-K report.