United Rentals, RAM Holdings trial postponed

By Lisa Kerner

Charlotte, N.C., Dec. 17 - United Rentals, Inc., RAM Holdings, Inc. and RAM Acquisition Corp. agreed to postpone the trial in their litigation by one day in order to continue settlement discussions.

The trial is now slated to begin at 10 a.m. on Tuesday in the Delaware Court of Chancery, according to a company news release.

There can be no assurance that any settlement will be reached. United Rentals said it will not comment on any potential settlement terms or the likelihood that a settlement will be reached.

On Dec. 13, United Rentals and RAM Holdings, a Cerberus Capital Management, LP affiliate, said they looked forward to presenting their cases in court after Cerberus' request for a declaratory judgment was denied.

United Rentals initiated litigation in November to compel RAM to complete its purchase of United Rentals, it was previously reported.

At issue is a $100 million liability cap, which Cerberus said it is entitled to under the merger agreement, and United Rentals' right to compel the merger to go forward.

Cerberus agreed in July to acquire United Rentals for $34.50 cash per share. United Rentals shareholders approved the merger deal at a special meeting on Oct. 19.

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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