United Rentals shareholders OK deal with Cerberus affiliates

By Lisa Kerner

Charlotte, N.C., Oct. 19 - United Rentals, Inc. stockholders approved the company's acquisition by affiliates of Cerberus Capital Management, LP at a special meeting on Friday.

Approximately 99.8% of the votes cast were in favor of the purchase, representing some 76.8% of the total voting power outstanding and entitled to vote at the meeting, a company news release stated.

United Rentals stockholders are entitled to receive $34.50 in cash for each share held, with the transaction slated to close in November.

Affiliates of Cerberus announced on July 23 a definitive agreement to acquire United Rentals for $6.6 billion including $2.6 billion in debt obligations.

United Rentals is a Greenwich, Conn., equipment rental company with a network of 690 rental locations in 48 states, 10 Canadian provinces and Mexico.

Cerberus is a private investment firm based in New York.

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