Herc Holdings proposes to acquire H&E Equipment Services for $104.89/share in cash and stock

HERC HOLDINGS INC

Herc offers $78.75 cash + 0.1287 Herc shares per H&E share, total $104.89, a 14% premium to United Rentals' $92.00 cash bid.
H&E board deemed proposal superior; United Rentals waives match period, will not submit revised bid.
Combined company to have >600 locations, ~$10B fleet OEC, $5.2B revenue, $2.5B EBITDA; net leverage 3.8x at close.
Expected ~$300M annual EBITDA synergies (cost $125M, revenue $175M) by year 3; high-single-digit cash EPS accretive in 2026.
Transaction expected to close mid-2025; subject to regulatory approvals and tender condition; no financing contingency.

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