Herc’s surprise bid for H&E makes rival walk away

United Rentals said it does not intend to submit a revised proposal and is dropping the plan. — Reuters

NEW YORK: US machinery rental firm Herc Holdings is poised to acquire smaller rival H&E Equipment Services for US$3.83bil excluding debt, after outbidding leader United Rentals, according to company statements.

The cash and stock deal would combine the world’s third and the fifth-largest firms that rent machinery for construction sites.