BofA update shows where active managers are putting money
BONITA SPRINGS, Fla. - Herc Holdings Inc. (NYSE: HRI), a North American full-line rental supplier, has announced the extension of its tender offer to acquire all outstanding shares of H&E Equipment Services, Inc. (NASDAQ: HEES). The offer, part of a merger agreement dated February 19, 2025, proposes $78.75 in cash and 0.1287 shares of Herc common stock for each H&E share.
Initially set to expire on May 22, 2025, the tender offer has been extended to one minute past 11:59 p.m. Eastern Time, on May 29, 2025. This extension allows additional time for fulfilling the tender offer conditions as outlined in the Prospectus/Offer to Exchange and other related documents.
As reported by Computershare Trust Company, N.A., the depository and paying agent for the offer, approximately 67.72% of the outstanding H&E shares have been validly tendered and not withdrawn as of the close of business on May 22, 2025. An additional 2.34% of shares were tendered under guaranteed delivery procedures.
The merger is expected to bring strategic benefits and synergies, although it remains subject to certain closing conditions. Herc Holdings, with a history dating back to 1965, has emphasized that forward-looking statements regarding the acquisition involve risks and uncertainties that could cause actual results to differ materially.
Shareholders of H&E Equipment Services and other investors are urged to read the exchange offer materials, which contain important information about the tender offer. These documents are available at no charge on the SEC’s website or directly from the companies.
This extension is a significant step in Herc Holdings’ efforts to expand its market presence and service offerings. With $3.6 billion in revenues in 2024 and around 7,600 employees, Herc Holdings is poised to enhance its position in the industry upon successful completion of the acquisition. H&E Equipment has demonstrated strong financial performance, with a gross profit margin of 43.3% and has maintained dividend payments for 12 consecutive years. For deeper insights into H&E Equipment’s valuation and growth prospects, investors can access comprehensive analysis through InvestingPro’s detailed research reports, which cover over 1,400 US stocks. The transaction is based on a press release statement from Herc Holdings Inc.
In other recent news, H&E Equipment Services has decided to suspend its regular quarterly cash dividend, originally scheduled for June 2025, as the company prepares for its merger with Herc Holdings. This strategic decision is part of H&E’s focus on the merger, anticipated to conclude in early June 2025, subject to customary closing conditions. Concurrently, Herc Holdings has extended its tender offer to acquire all outstanding shares of H&E Equipment Services, prolonging the offer until May 22, 2025, to satisfy remaining conditions, including regulatory approvals. The terms of Herc’s offer remain unchanged, providing $78.75 in cash and 0.1287 shares of Herc common stock for each H&E share. As of the latest updates, approximately 51.76% of H&E’s shares have been validly tendered. Both companies have filed relevant documents with the U.S. Securities and Exchange Commission to facilitate this transaction. Herc Holdings, which reported revenues of approximately $3.6 billion in 2024, plans to fund the acquisition through existing cash and other financial arrangements. Investors have been advised to review the tender offer documents available on the SEC’s website for more detailed information.
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