Herc Holdings (HRI) entered a merger agreement on February 18, 2025, to acquire H&E Equipment Services, Inc. (HEES) in a cash and stock deal worth $5.66 billion, after submitting a superior offer to H&E’s earlier merger with United Rentals (URI).
Under the terms of the agreement, Herc intends to commence a tender offer to acquire all of the outstanding shares of H&E common stock for a per-share value of $78.75 in cash and 0.1287 shares of Herc common stock, representing a total value of $104.89 per share. This represents a 4.3% premium from the stock’s last close.