Herc Holdings extends offer to acquire H&E Equipment Services

BONITA SPRINGS, Fla. - Herc Holdings Inc. (NYSE: HRI), also known as Herc, has announced an extension of its tender offer to purchase all outstanding shares of H&E Equipment Services, Inc. (NASDAQ: HEES). The offer has been prolonged until May 22, 2025, providing additional time to satisfy remaining conditions, including regulatory approvals.

The terms of the extended offer remain unchanged from the initial proposal, with Herc offering $78.75 in cash and 0.1287 shares of Herc common stock for each H&E share. This offer aligns with the merger agreement dated February 19, 2025, between Herc, HR Merger Sub, Inc., and H&E.

As of the close of business on May 7, 2025, approximately 32.73% of H&E’s outstanding shares have been validly tendered and not withdrawn. An additional 0.15% of shares have been tendered through guaranteed delivery procedures.

Herc Holdings, founded in 1965 and operating through its subsidiary Herc Rentals Inc., is a full-line rental supplier with 453 locations across North America. With approximately 7,600 employees, the company reported total revenues of roughly $3.6 billion in 2024. H&E Equipment Services generated $1.46 billion in revenue over the last twelve months, maintaining strong financial health with an overall "GOOD" rating from InvestingPro, which offers comprehensive analysis through its Pro Research Reports covering 1,400+ top US stocks.

The press release includes cautionary statements regarding forward-looking information, which is subject to risks, uncertainties, and assumptions that could result in material differences from actual outcomes. Factors that may affect the proposed acquisition include the number of H&E shares tendered, regulatory approvals, integration of businesses, unexpected costs, and market reactions.

The tender offer, which began on March 19, 2025, is detailed in documents filed with the U.S. Securities and Exchange Commission (SEC), including the Prospectus/Offer to Exchange, the related Letter of Transmittal, and other offer documents. These materials are available to H&E shareholders at no cost and can also be accessed on the SEC’s website.

This news article is based on a press release statement and aims to present the facts of the extended tender offer by Herc Holdings to acquire H&E Equipment Services without bias or promotional language.

In other recent news, Herc Holdings Inc. has announced an extension of its tender offer to acquire all outstanding shares of H&E Equipment Services, Inc. This acquisition involves a cash payment of $78.75 and 0.1287 shares of Herc common stock for each H&E share. The tender offer, originally set to expire on April 29, 2025, has been extended to May 13, 2025, to allow more time for regulatory approvals. Approximately 51.76% of H&E shares had been tendered by April 29, 2025, with an additional 1.25% tendered under guaranteed delivery procedures. S&P Global has placed the ’BB-’ issue-level ratings on H&E’s senior unsecured debt on CreditWatch with negative implications following the acquisition announcement. Furthermore, Herc Holdings’ outlook was revised to negative by S&P Global due to the expected increase in debt from the acquisition, which is valued at $5.5 billion. The acquisition is anticipated to expand Herc’s branch network and increase its rental equipment fleet, aiming to generate close to $5.4 billion in revenues in 2025 on a pro forma basis. However, the integration costs of H&E could affect potential savings in the initial years and pose risks to operating performance.

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