Shares of H&E Equipment Services rose 13% after Herc Holdings made a superior takeover offer valued at $104.59 per share, surpassing United Rentals’ previous bid of $92 per share. The new offer represents a nearly 20% premium over H&E’s last closing price and values the company at $3.83 billion. H&E’s board acknowledged Herc’s offer as superior but has not yet changed its recommendation regarding the pending deal with United Rentals. If the agreement with United Rentals is terminated, Herc has agreed to cover H&E’s $63.52 million termination fee. The increased demand for industrial equipment, fueled by commercial construction and infrastructure spending, has heightened interest in equipment rental companies. H&E, founded in 1961, offers a range of rental equipment including aerial work platforms and earthmoving machinery. — news from Reuters
