H&E Equipment Services (HEES): $98.14
Market Cap: $3.59 B
Deal Size: $5.66 B
When a company enters a go-shop period while entering a new merger, it is not common for the target to receive a superior offer from a third party—at least, not as often as one would expect. But this week brought us two such deals where a target company received a higher offer while already in a merger agreement.
United Rentals (URI) entered an agreement last month to acquire H&E Equipment for $92 per share in cash. As part of the agreement, United gave H&E a 35-day go-shop period to seek any other interested parties that might present a superior offer. And just when the period was about to end, Herc (HRI) swooped in with an offer H&E couldn’t refuse.