Herc Holdings Poised to Finalize H&E Merger as Tender Offer Expires
Deal News | May 30, 2025 | Globenewswire
Herc Holdings Inc. and H&E Equipment Services, Inc. announced the expiration of the tender offer for the acquisition of H&E. The offer proposed an exchange of H&E common stock at $78.75 in cash along with 0.1287 shares of Herc common stock for each H&E share. Expiring on May 29, 2025, the offer saw 25,369,090 H&E shares tendered, equating to 69.33% of outstanding shares. Conditions for the offer have been satisfied, setting a closing date of June 2, 2025, for the acquisition, wherein Herc will become the parent company of H&E. Post-acquisition, H&E shares will cease trading on the Nasdaq. The merger, following a previously announced merger agreement, integrates H&E as a wholly-owned subsidiary of Herc Holdings. Founded in 1965, Herc Holdings operates 453 rental locations across North America, with a revenue of $3.6 billion in 2024. H&E, founded in 1961, is a prominent rental equipment company with operations across diverse US regions. Forward-looking statements in the announcement highlight potential benefits, integration challenges, and associated risks of uncertainties.
Sectors
- Equipment Rental
- Mergers and Acquisitions
Geography
- United States – The headquarters of both Herc Holdings and H&E Equipment Services are located in the United States, and the operations mentioned in the article are in the U.S. market.
Industry
- Equipment Rental – This sector is relevant to the article as both Herc Holdings and H&E Equipment Services operate predominantly in the equipment rental industry, providing machinery and associated services.
- Mergers and Acquisitions – The article centers around a corporate acquisition, involving the merger of H&E with Herc Holdings, a common transaction within the M&A sector.
Financials
- $78.75 Cash per share and 0.1287 shares of Herc common stock – The consideration offered by Herc Holdings for each share of H&E Equipment in the acquisition tender offer.
- 25,369,090 H&E Shares – The number of shares tendered by H&E shareholders, representing approximately 69.33% of total outstanding shares.
- $3.6 billion – Herc Holdings' total revenues in 2024, indicating the company's size and scale.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Herc Holdings Inc. | Bidding Company | Company | Herc Holdings is the company acquiring H&E Equipment Services, expanding its footprint in the equipment rental market. |
| H&E Equipment Services, Inc. | Target Company | Company | H&E Equipment is one of the largest equipment rental companies and is the target of the acquisition by Herc Holdings. |
| HR Merger Sub Inc. | Merger Entity | Company | HR Merger Sub is a subsidiary created for the purpose of merging with H&E Equipment Services as part of Herc Holdings' acquisition strategy. |
| Leslie Hunziker | SVP, Investor Relations | Person | Handles communications for Herc Holdings regarding the acquisition. |
| Leslie S. Magee | CFO | Person | The Chief Financial Officer of H&E Equipment Services involved in financial operations related to the acquisition. |
| Jeffrey L. Chastain | VP, Investor Relations | Person | Responsible for managing investor relations at H&E Equipment Services. |