Mar. 19 at 11:44 AM
$HRI $HEES Herc Holdings commences tender offer for H&E Equipment
Herc Holdings (HRI) announced that its wholly-owned subsidiary HR Merger Sub Inc. has commenced the previously announced tender offer to acquire all of the outstanding shares of H&E Equipment Services (HEES) common stock for
$78.75 in cash and 0.1287 shares of Herc common stock for each H&E share, in each case without interest. The offer is being made pursuant to the previously announced merger agreement, dated February 19, between Herc, Merger Sub and H&E. The offer will expire at one minute past 11:59 p.m.
Eastern Time, on April 15, unless extended or earlier terminated, in each case in accordance with the terms of the merger agreement. The offer is subject to the majority of H&E's shares being tendered into the offer, the receipt of customary regulatory approvals and other customary closing conditions. Herc will finance the offer through a combination of available cash on hand, proceeds from the sale of marketable securities and funds drawn through its credit facility, which was amended on March 11, in connection with the H&E transaction.
Following completion of the offer, Herc will acquire all remaining shares not tendered in the offer through a second-step merger at the same price as in the offer. The transaction is expected to close mid-year 2025. Herc will file with the U.S. Securities and Exchange Commission a tender offer statement on Schedule TO, including an offer to purchase and related letter of transmittal, which will include the terms of the offer, along with a registration statement on Form S-4.
