H&E Declines To Revise Its Proposal For Neff - Quick Facts

(RTTNews) - H&E Equipment Services, Inc. (HEES) announced the company has notified Neff Corp. that it does not intend to submit a revised proposal for the acquisition of Neff. Neff is required to pay a fee of approximately $13.2 million to H&E to terminate the merger agreement.

On July 14, 2017, H&E and Neff entered into a merger agreement pursuant to which H&E agreed to acquire Neff for $21.07 per share. On August 13, Neff notified H&E that it had received a superior acquisition proposal from a strategic bidder to acquire Neff for $25.00 per share, and that Neff intends to terminate the merger agreement.