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Aug 17 United Rentals to Acquire Neff Corporation
$1.3 billion transaction will expand the company’s presence in key markets with complementary locations, fleet and customer mix Expected to be immediately accretive with substantial synergies United Rentals, Inc. (NYSE: URI) (“United Rentals” or “the company”) and Neff Corporation, operating as Neff Rental (“Neff”), today announced that they have entered into a definitive agreement under which United Rentals will acquire Neff for $25 per share in cash, representing a total purchase price of approximately $1.3 billion. The transaction is expected to be immediately accretive to cash EPS and free cash flow. Neff is one of the 10 largest U.S. equipment rental companies, with a presence in 14 states and a concentration in southern geographies. Based in Miami, Fla., Neff offers earthmoving, material handling, aerial and other equipment rental solutions to its more than 15,500 construction and industrial customers. Approximately 1,200 Neff employees and 69 branches serve end markets in the...
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Aug 16 Neff Corporation Statement on Transaction Update
MIAMI -(BUSINESS WIRE)- Neff Corporation (the “Company”) (NYSE:NEFF) today announced that it has received notice from H&E Equipment Services, Inc. (“H&E”) (NASDAQ: HEES) that H&E has determined not to submit a revised proposal to acquire the Company in response to a previously announced acquisition proposal from a strategic bidder to acquire all of the outstanding shares of the Company for $25.00 per share in cash.. As previously announced on August 13, 2017 , the Company’s Board of Directors had determined the alternative proposal from the strategic bidder constituted a “Superior Proposal” to the pending merger with H&E. Having received notice that H&E does not intend to modify the terms of the existing merger agreement, the Company will now move forward with its discussions with the strategic bidder. Under the previously announced agreement with H&E, the Company is required to pay a $13.2 million termination fee to H&E if the Company terminates the existing merger agreement. As...
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Aug 14 Neff Corporation Announces Receipt of Superior Proposal
Neff Corporation (NYSE: NEFF ) (“Neff” or the “Company”) today announced that its Board of Directors has determined that an acquisition proposal received from a strategic bidder to acquire all of the outstanding shares of Neff common stock for $25.00 per share in cash constitutes a “Superior Proposal” as such term is defined in the Company’s previously announced agreement and plan of merger (the “Existing Merger Agreement”) with H&E Equipment Services, Inc. (“H&E”). The definitive terms and conditions of a merger agreement and other related agreements detailing the acquisition proposal have been fully negotiated, and such agreements are subject only to execution by the Company. In making its determination that the bidder's proposal constitutes a Superior Proposal, the Board consulted with its independent financial advisor and outside legal counsel. Under the terms of the Existing Merger Agreement, H&E agreed to acquire all of the outstanding shares of Neff common stock for...
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NYSE: 24.80 +0.25 +1.02% Volume: 1,355,509 Minimum 20 minutes delay. August 17, 2017
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Neff Rental

Brian Coolidge

Tel: (305) 513-3350

Fax: (305) 513-4156