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Cerberus to acquire United Rentals in $6.6bn deal24/07/2007. Source: AltAssets. 
 New York City-headquartered Cerberus Capital Management has agreed to acquire United Rentals in a transaction valued at approximately $6.6bn, including the assumption of approximately $2.6bn in debt obligations.
Under the terms of the agreement, United Rentals stockholders will receive $34.50 in cash per share. The purchase price per share represents a 25 per cent premium over United Rentals' closing share price of $27.55 prior to the company's announcement on 10 April 2007 that it had commenced a process to explore strategic alternatives, according to a statement.
The board of directors of United Rentals has approved the merger agreement and has recommended the approval of the transaction to stockholders.
Holders of the company's preferred stock, including affiliates of Apollo Management, which represent approximately 18 per cent of the voting power of the capital stock of United Rentals, have agreed to vote their shares in favour of the merger.
United Rentals is an equipment rental company. The company offers for rent about 20,000 classes of rental equipment with a total original cost of $4bn.
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