Articles
advertisement
Resources
Issue Archive
Event Calendar
AED Executive Forum
Sept. 11-12
Westin O'Hare
Rosemont, IL
www.aednet.org/execforum/index.cfm
International Aerial Platform Exhibition and Conference
September 17-19
APEX
MECC Maastricht
The Netherlands
Industrial Promotions International
www.apexshow.com
Green Industry and Equipment Expo
Oct. 23-25
Louisville, KY
www.gie-expo.com
Specialty Tools & Fasteners Distributors Association Convention
Nov. 9-11
Denver, CO
www.stafda.org
Power-Gen International
Dec. 2-4
Orlando, FL
www.power-gen.com
World of Concrete
Feb. 3-6, 2009
Las Vegas Convention Center
Las Vegas, NV
www.worldofconcrete.com
The Rental Show
March 2-5, 2009
Georgia World Congress Center
Atlanta, GA
www.therentalshow.com
United Rentals Files Motion for Summary Judgment
United Rentals filed a motion in a Delaware court requesting summary judgment against Cerberus Capital Management, claiming its decision to back out of its agreement to acquire United “is nothing more than a naked ploy to extract a lower price to the irreparable harm of URI’s stockholders.”
Cerberus withdrew its $34.50-per-share takeover offer for United Rentals Nov. 14. United Rentals filed suit in the Delaware Court of Chancery, seeking to force Cerberus to complete the deal. Cerberus filed suit in New York State Supreme Court seeking “to ensure that United Rentals honors” undertakings made at the time of the deal. The buyout firm says the original agreement caps its liability at $100 million.
Cerberus, responding to the request for summary judgment, said on Friday that United Rentals had surrendered any right to seek “equitable relief, including specific performance.”
The “specific performance” clause in the merger agreement is central to the legal dispute. United Rentals says the clause does not allow Cerberus to terminate the agreement and gives United Rentals the right to have the deal enforced. Cerberus says it is liable only for a $100 million break-up fee and associated costs.
“We are confident that United Rentals’ motion will be defeated and look forward to an expedited trial,” Cerberus said.
blog comments powered by Disqus
Want to use this article? Click here for options!
© 2008 Penton Media Inc.
most recent story
popular articles
advertisement
Stock Block
Buyers Guide
Buyers Guide
The RER Industry Directory is the resource buyers like yourself rely on when looking for up-to-date information on the products or services you are searching for.
Learn More
Rental Rate Guide
Rental Rate Guide 2008
Want to know how much equipment is renting for these days? Find out in RER’s original 2008 Rental Equipment Rate Guide.
Learn More



