H&E Equipment Services has accepted a roughly $5.3 billion takeover bid from Herc Rentals, rebuffing an earlier acquisition offer from equipment rental rival United Rentals, the Financial Times reported on Tuesday.
The proposal from Herc Rentals, a unit of Herc Holdings, values H&E’s shares at nearly $105 each — with 75% paid in cash and the remainder in Herc stock, the report said.
The offer is superior to United Rentals’ bid, which valued the company at $92 a share.
Herc’s cash-and-stock bid values H&E at nearly $500 million more than United’s all-cash offer, the report said.
H&E, Herc Rentals and United Rentals did not immediately respond to Reuters’ requests for comment.
Source: Reuters.com