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BONITA SPRINGS, Fla. & BATON ROUGE, La. – Herc Holdings Inc. (NYSE: HRI), a North American rental equipment supplier, has announced the successful conclusion of its tender offer to acquire H&E Equipment Services, Inc. (NASDAQ: HEES), marking a significant consolidation in the equipment rental industry. The offer, which expired on Tuesday, saw approximately 69.33% of H&E’s outstanding shares tendered.
The acquisition, valued at $78.75 in cash and 0.1287 shares of Herc common stock for each H&E share, is expected to close on June 2, 2025. Following the merger, H&E will become a wholly-owned subsidiary of Herc, and its shares will cease trading on the Nasdaq Stock Market.
This strategic move comes after a merger agreement between the two companies was set on February 19, 2025. The completion of the tender offer signifies that Herc’s acquisition of H&E is proceeding as planned, with the majority of H&E shares having been submitted for exchange.
The transaction will unite Herc’s comprehensive equipment rental portfolio with H&E’s extensive fleet and national presence, potentially reshaping the competitive landscape of the equipment rental market.
Herc Holdings, founded in 1965, reported total revenues of approximately $3.6 billion in 2024 and operates 453 locations across North America. H&E, established in 1961, is one of the largest rental equipment companies in the nation, with a broad geographic reach.
The completion of this acquisition is based on the satisfaction of all conditions to the offer and the acceptance of tendered shares by Herc’s subsidiary, HR Merger Sub Inc.
Investors and industry watchers will be monitoring the post-acquisition integration closely, as Herc aims to leverage H&E’s assets and customer base to enhance its market position.
This news is based on a press release statement issued by Herc Holdings Inc. and H&E Equipment Services, Inc.
In other recent news, Herc Holdings Inc. has extended its tender offer to acquire all outstanding shares of H&E Equipment Services, Inc. This move is part of a merger agreement dated February 19, 2025, and offers $78.75 in cash along with 0.1287 shares of Herc common stock for each H&E share. The offer, originally set to expire earlier, has been extended multiple times to allow for the fulfillment of tender offer conditions, including regulatory approvals. As of the latest update, approximately 67.72% of H&E’s outstanding shares have been validly tendered, with an additional 2.34% under guaranteed delivery procedures.
In connection with the merger, H&E Equipment Services has decided to suspend its regular quarterly cash dividend that was scheduled for June 2025. The Board of Directors made this decision to align with the company’s focus on the merger. Investors have been advised of the risks and uncertainties surrounding the merger, which could cause actual results to differ from current expectations. Herc Holdings, with reported revenues of $3.6 billion in 2024, anticipates strategic benefits and synergies from the acquisition, although the transaction remains subject to customary closing conditions.
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