Herc Holdings And H&E Equipment Services Announce Expiration Of Tender Offer For $78.75/Shr And 0.1287 Herc Shares

Author: Benzinga Newsdesk | May 30, 2025 08:40am

Herc Holdings Inc. (NYSE:HRI) ("Herc" or "the Company") and H&E Equipment Services, Inc. d/b/a H&E Rentals (NASDAQ:HEES) ("H&E") announced today the expiration of the tender offer to exchange each outstanding share of H&E common stock (the "H&E Shares") for $78.75 in cash and 0.1287 shares of Herc common stock, in each case without interest (the "Offer", and such consideration, the "Offer Price"), pursuant to the terms of the previously announced merger agreement, dated February 19, 2025, between Herc, HR Merger Sub Inc. ("Merger Sub") and H&E (the "Merger Agreement").

The Offer, which was extended on May 23, 2025, expired at one minute past 11:59 p.m. Eastern Time on May 29, 2025. The Depository and Paying Agent for the Offer has advised Herc that as of the expiration of the Offer, a total of 25,369,090 H&E Shares were validly tendered and not validly withdrawn in the Offer, representing approximately 69.33% of the outstanding H&E Shares. As of such expiration, all conditions to the Offer have been satisfied or waived and Merger Sub has accepted for payment all H&E Shares validly tendered and not validly withdrawn in accordance with the terms of the Offer (the "Tendered Shares").

Herc, Merger Sub and H&E currently expect to close the acquisition on June 2, 2025. At the closing, Herc and Merger Sub will pay for all of the Tendered Shares. Additionally, the parties will consummate the merger of Merger Sub with and into H&E (the "Merger"). As a result of the Merger, all of the H&E Shares other than the Tendered Shares will be converted into the right to receive the Offer Price in accordance with the terms of the Merger Agreement.

As a result of the Offer and the Merger, H&E will become a wholly-owned subsidiary of Herc and H&E Shares will cease trading on the Nasdaq Stock Market.

Posted In: HEES HRI