Baton Rouge-based H&E Equipment Services has received an outbid offer from Herc Holdings, with the Connecticut-based United Rentals’ previous bid rejected. Herc’s offer of $104.89 per share is 14 percent higher than United’s $92 last month.
The deal includes $78.75 in cash per share and 0.1287 shares of Herc common stock per H&E share, resulting in a 14.1 percent interest for H&E shareholders in the combined company. With over 600 locations and a fleet worth about $10 billion, the acquisition is expected to close by mid-year.
Herc’s move comes after United Rentals advised it would not submit a new bid, waiving its four-day window to match Herc’s offer. The deal marks a significant development for H&E, currently with branches in 30 states, and will expand the combined company’s reach.
Source: https://www.wbrz.com/news/herc-outbids-united-rentals-for-merger-with-baton-rouge-based-hande-equipment-rental