Herc Holdings - HRI STOCK NEWS

Herc Holdings Inc. (NYSE: HRI), a leading North American equipment rental supplier, has achieved the Great Place To Work® Certification™ for 2025 in both the United States and Canada. This marks the second consecutive year the company has received this recognition in both countries.

The certification, which acknowledges employers creating outstanding employee experiences, was awarded based on direct feedback from current team members through a Great Place To Work survey. CEO Larry Silber emphasized the company's commitment to employee development and well-being, highlighting the significance of earning this distinction in all operating regions.

Herc Holdings (NYSE: HRI) has announced an extension of its tender offer to acquire H&E Equipment Services (NASDAQ: HEES). The offer, which was set to expire on April 15, 2025, has been extended to April 29, 2025. Under the terms of the February 19, 2025 merger agreement, Herc is offering $78.75 in cash and 0.1287 shares of Herc common stock for each H&E share.

The extension aims to allow additional time for satisfying remaining conditions, including regulatory approvals. As of April 15, 2025, approximately 17,906,866 H&E shares (48.84%) have been validly tendered, with an additional 385,504 shares (1.05%) tendered through guaranteed delivery procedures.

Herc Holdings (NYSE: HRI) has scheduled its first quarter 2025 earnings release for April 22, 2025, before market opening. The company will host an investor conference call at 8:30 a.m. ET the same day to discuss the results. Management will review financial performance and may share additional material business information not included in the press release.

The earnings call will be accessible via webcast on the company's investor relations website and through specific dial-in numbers for both U.S. and international participants. A recording of the conference call will remain available on the company website for 12 months.

Herc Holdings (NYSE: HRI) has initiated a tender offer to acquire all outstanding shares of H&E Equipment Services (NASDAQ: HEES). The offer includes $78.75 in cash and 0.1287 shares of Herc common stock for each H&E share.

The tender offer, announced on February 19, 2025, will expire on April 15, 2025, at 11:59 p.m. Eastern Time. The transaction is subject to majority shareholder approval and regulatory clearances. Herc will finance the acquisition through available cash, marketable securities proceeds, and credit facility funds amended on March 11, 2025.

Following the tender offer completion, Herc will acquire remaining shares through a second-step merger at the same price. The transaction is expected to close by mid-2025. Guggenheim Securities serves as lead financial advisor, with Credit Agricole Securities as co-financial advisor.

Herc Holdings (NYSE: HRI) and H&E Equipment Services (NASDAQ: HEES) have entered into a definitive merger agreement, with H&E terminating its prior agreement with United Rentals. Under the terms, H&E shareholders will receive $78.75 in cash and 0.1287 Herc shares per share, valuing H&E at $104.89 per share. H&E shareholders will own approximately 14.1% of the combined company.

The merger will strengthen Herc's position as North America's third-largest rental company, with a leading presence in 11 of the top 20 rental regions. The combined company is expected to generate $300 million in annual EBITDA synergies by year three, including $125 million in cost synergies and $175 million from revenue synergies. The combined entity will have revenue of $5.2 billion and EBITDA of $2.5 billion.

The transaction is expected to close mid-year 2025, subject to regulatory approvals and tender of majority H&E shares. The deal is projected to be high single-digit accretive to Herc's cash earnings per share in 2026.

Herc Holdings has submitted a superior proposal to acquire H&E Equipment Services for $104.89 per share, consisting of $78.75 in cash and 0.1287 shares of Herc common stock per H&E share. This offer represents a 14% premium over United Rentals' previous $92.00 per share cash offer. H&E shareholders would own approximately 14.1% of the combined company.

The merger is expected to generate $300 million in annual EBITDA synergies by year three, including $125 million in cost synergies and $175 million from revenue synergies. The combined company would have over 600 locations with a fleet worth approximately $10 billion, strengthening Herc's position as North America's third-largest rental company.

The transaction is projected to close mid-year 2025, subject to regulatory approvals and tender of majority H&E shares. The deal is expected to be high single-digit accretive to Herc's cash EPS in 2026, increasing to over 20% as synergies are realized.

Herc Holdings (NYSE: HRI) reported its Q4 and full-year 2024 results, achieving record equipment rental revenue of $839 million (+12%) and $3,189 million (+11%) respectively. The company posted a Q4 net loss of $46 million due to Cinelease assets held for sale, but adjusted net income increased 11% to $102 million.

Full-year 2024 highlights include total revenues of $3,568 million (+9%), rental pricing increase of 3.2%, and adjusted EBITDA of $1,583 million (+9%). The company completed 9 acquisitions and opened 23 new greenfield locations. For 2025, excluding Cinelease, Herc projects equipment rental revenue growth of 4-6% and adjusted EBITDA between $1.575-1.650 billion.

Net leverage remained stable at 2.5x with $1.9 billion in liquidity. The company declared a quarterly dividend of $0.665 per share.

Herc Holdings (NYSE: HRI), a leading equipment rental company, has announced its participation in the Barclays 42nd Annual Industrial Select Conference in Miami Beach, Florida. The company's president and CEO Larry Silber, along with CFO Mark Humphrey, will engage in a fireside chat discussion on Wednesday, February 19, 2025, at 11:35 AM ET.

The event will feature a simultaneous audio webcast accessible through the Herc Rentals website. Investors can also access the webcast through the company's investor relations events and presentation page at ir.hercrentals.com.

Herc Holdings (NYSE: HRI) has announced a 5% increase in its quarterly dividend, raising it by $0.035 to $0.70 per share. The dividend will be paid on March 4, 2025, to shareholders of record as of February 18, 2025. This adjustment brings the annual dividend rate to $2.80 per share, up from the previous $2.66 per share. President and CEO Larry Silber expressed confidence in the company's growth strategy and its ability to generate sustainable shareholder returns while maintaining readiness for future opportunities.