United Rentals Steps Aside
Following H&E’s acceptance of the new offer, United Rentals declined to counter, opting instead to waive its right to match the proposal. The company, which had been advised by Sullivan & Cromwell LLP, formally withdrew from the bidding.
As a result, Herc paid a $63.5 million termination fee to United Rentals on behalf of H&E.
Market Reaction and Industry Impact
News of Herc’s bid sent H&E’s stock surging, closing at $100.57 per share after already doubling in value following United Rentals’ initial offer.
Next Steps: Closing in 2025
The transaction, set to close by mid-2025, hinges on regulatory approvals and a majority of H&E’s shares being tendered.
Legal Counsel
- H&E Rentals is advised by Milbank LLP, with a team led by Derek Winokur, Iliana Ongun, Mike Shah, Kelly Bartley, Edward Lemanowicz, Antonio Diaz-Albertini, Brett Nadritch, Jonathon Jackson, Adam Di Vincenzo, Grant Bermann, and Dan Perry.
- Herc Holdings is represented by Simpson Thacher, with partners Joshua Bonnie, Jonathan Corsico, and Benjamin Bodurian leading the legal team.
With this bold move, Herc cements its position as a dominant force in the equipment rental industry, leaving United Rentals in the dust.
