Equipment rental company Herc Holdings has extended its tender offer to acquire all outstanding shares of H&E Equipment Services through May 29.
Under the terms of the offer, originally set to expire May 22, Herc is offering $78.75 in cash and 0.1287 shares of Herc common stock for each share of H&E common stock, according to a Herc release today. The extension allows more time to satisfy remaining conditions outlined in the merger agreement signed Feb. 19.
As of May 22, approximately 67.7% of H&E shares had been validly tendered and not withdrawn, according to Computershare Trust Co., the depository for the offer. An additional 2.34% of shares were tendered under guaranteed delivery procedures.
The offer remains subject to terms detailed in the prospectus and related filings submitted to the U.S. Securities and Exchange Commission.
