United Rentals (URI) Tender Offer Oversubscribed

July 17, 2008 9:18 AM EDT

United Rentals, Inc. (NYSE: URI) announced the preliminary results of its previously announced "modified Dutch Auction" tender offer, which expired on Wednesday, July 16, 2008.

In accordance with the terms and conditions of the tender offer, and based on the preliminary count by American Stock Transfer & Trust Company, the depositary for the tender offer, the company expects to purchase 27.16 million shares of its common stock at a price of $22.00 per share, for a total cost of approximately $597.5 million (excluding fees and expenses relating to the tender offer).

Based on a preliminary count by the depositary, the tender offer is oversubscribed and United Rentals expects to accept for purchase, on a pro rata basis, approximately 33.9% of the shares validly tendered at $22.00. These results reflect that approximately 80.1 million shares were tendered, including approximately 20.5 million shares tendered through guaranteed delivery procedures under the terms of the offer. This preliminary proration factor is subject to change based on, among other things, the actual number of tendered shares which satisfy the guaranteed delivery procedures.

Related Categories

Corporate News
Stock Buybacks

Stocks Mentioned

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?