United Rentals ends merger agreement

News Story
- 17 Jan 2008 ( #343 ) - GREENWICH, CT, United States
1 min read
United Rentals has received USD100 million after terminating a merger agreement with RAM Holdings Inc and RAM Acquisition Corp, Cerberus Capital Management LP's acquisition vehicles.

United Rentals sent Cerberus a notice of termination of its July 22, 2007, merger agreement and requested the private equity firm pay the termination fee outlined in the agreement.

Under the agreement, the fee is payable within two days of termination. A United Rentals spokesperson confirms the fee was paid on December 26.

The spokesperson says United Rentals' immediate need is to move forward and focus on its business.

"In light of Chancellor Chandler's December 21 opinion, the board of directors determined the company is best served by terminating the merger agreement and the constraints it imposes."

Delaware judge Chancellor William Chandler had ruled against United Rental's petition to force Cerberus to close the USD4 billion buyout.

United Rentals is also terminating previously announced debt tender offers and consent solicitations made by its subsidiary United Rentals (North America) Inc. Completion of the merger was a condition to consummating the offers.

United Rentals took Cerberus to court after the latter sought to repudiate the merger agreement
(Forkliftaction.com News #337).
With its new sit-on stackers, Cat® Lift Trucks is again encouraging businesses to look beyond the usual materials handling solutions.
Safety in operations is gaining increasing attention these days. Potential risks associated specifically with warehouses and production areas are becoming especially apparent at times when goods handling is extremely busy. However, the growing portfolio of safety solutions from Linde Material Handling (MH) can assist.

Upcoming Events

February 15-16, 2023 - Birmingham, United Kingdom
September 12-14, 2023 - Novi, MI, United States
November 21-22, 2023 - Liverpool, United Kingdom

Upcoming Events

February 15-16, 2023 - Birmingham, United Kingdom
September 12-14, 2023 - Novi, MI, United States
November 21-22, 2023 - Liverpool, United Kingdom

Latest Jobs

Huntingdon Valley PA, United States
Inver Grove Heights, MN, United States
Melbourne, Australia
Louisville, KY, United States
Brisbane, Qld, Australia Liebherr Container Cranes has completed its first ship-to-shore lift height increase with a new patented jacking system as part of Liebherr Transform. The operation was conducted under the supervision...
Changzhou, China Haulotte China recently hosted its 2023 Annual Dealer Meeting at its new factory in Changzhou. The meeting allowed Harry Wang, general manager of Haulotte Shanghai, to sum up 2022...

Next Editorial Features

Lauren Fiochetta, Tompkins Robotics
Robert Gibbons, Wiferion
Bill Byrd, Toyota Material Handling
Dan Kossow, Toyota Material Handling
Long Valley, NJ, United States Racking specialist Frazier has announced the passing of executive vice president, Domenick Iellimo at the age of 69. He passed away peacefully in New Jersey surrounded by loved ones...

Featured Business

View our amazing stock range such as the CT Power's 7L series forklifts here.

Inside Forkliftaction

The year is not even a month old, and already we are seeing increased acquisition activity in the US dealer market.
One has to ponder the reasons for this surge, and no doubt, intensifying competition is a major driver. In order to prosper, dealers need critical mass, access to multiple
...Continue Reading