H&E Determines Not To Submit Revised Proposal To Acquire Neff

(RTTNews) - Neff Corp. (NEFF) announced that it has received notice from H&E Equipment Services, Inc. (HEES) that H&E has determined not to submit a revised proposal to acquire the Company in response to a previously announced acquisition proposal from a strategic bidder to acquire all of the outstanding shares of the Company for $25.00 per share in cash.

As previously announced on August 13, 2017, Neff Board of Directors had determined the alternative proposal from the strategic bidder constituted a "Superior Proposal" to the pending merger with H&E.

Having received notice that H&E does not intend to modify the terms of the existing merger agreement, the Company will now move forward with its discussions with the strategic bidder.

Under the previously announced agreement with H&E, the Company is required to pay a $13.2 million termination fee to H&E if the Company terminates the existing merger agreement. As announced, the strategic bidder has agreed to pay the termination fee to H&E on the Company's behalf in the event that the strategic bidder and the Company enter into a definitive merger agreement.