- Herc Holdings (HRI, Financial) extends its tender offer for H&E Equipment Services (HEES) to April 29, 2025.
- As of April 15, 17,906,866 H&E shares (48.84%) have been tendered.
- The offer includes $78.75 in cash and 0.1287 shares of Herc common stock per H&E share.
Herc Holdings Inc. (HRI) has announced an extension of its tender offer to acquire H&E Equipment Services, Inc. (HEES). Originally set to expire on April 15, 2025, the deadline has now been pushed back to April 29, 2025. This extension provides additional time to fulfill remaining conditions, including necessary regulatory approvals.
The merger agreement, dated February 19, 2025, stipulates that Herc will offer $78.75 in cash and 0.1287 shares of its common stock for each share of H&E. As of April 15, approximately 17,906,866 H&E shares, representing 48.84% of outstanding shares, have been tendered. Additionally, 385,504 shares, representing 1.05%, were tendered through guaranteed delivery procedures.
The extension does not alter the terms of the offer but aims to facilitate the completion of regulatory approvals, a typical requirement in large industry consolidation deals. Herc Holdings is committed to proceeding with the acquisition amidst a challenging interest rate environment, signaling confidence in the strategic benefits and synergy potential of the merger.
