Equity Firm Bid for United Rentals Is Undone After Dec. 21 Ruling - ENR | McGraw-Hill Construction
Keywords: equipment & materials, labor, news articles, construction industry, analysis, costs, ENR, construction methods
Full Article Price:
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Delivery: Immediate Online Access
Publication Date: 27-DEC-07
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Article Description| Construction equipment rental giant United Rentals, Greenwich, Conn., said on Dec. 24 that it will terminate an announced July 2007 deal to be acquired by private equity firm Cerberus Capital Management, New York City. The announcement follows a Dec. 21 decision by the Delaware Chancery Court allowing Cerberus to pull out of the deal, as long as it paid United a $100-million fee. United Rentals requested that payment in its announcement, which it said would be due two days after the termination, and said it would not appeal the court ruling. The deal would have been worth an estimated $4 billion but was halted by Cerberus in November in the wake of the subprime credit crisis. United Rentals had claimed that Cerberus was using the turmoil to seek a ... |
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