United Rentals last week terminated its previously announced “modified Dutch Auction” tender offer, buying back 27.16 million shares of its common stock for $22 per share, a total cost of about $597.5 million, excluding fees and expenses related to the tender offer.

Based on a preliminary count by American Stock Transfer & Trust Co., the depositary for the tender offer, the tender offer was oversubscribed and the company expects to accept for purchase about 33.9 percent of the tendered shares. About 80.1 million shares were tendered, including about 20.5 million shares tendered through guaranteed delivery procedures under the terms of the offer. Stockholders who own fewer than 100 shares of common stock, who validly tendered all of their shares, will not be subject to proration.

The number of shares the company expects to purchase in the tender offer represents about 31.4 percent of its common stock outstanding as of June 16, the last full trading day before the commencement of the tender offer. United Rentals expects that about 59.3 million shares of common stock will be outstanding following payment for the shares purchased in the tender offer.

Based in Greenwich, Conn., United Rentals is No. 1 on the RER 100.