Ademi LLP is investigating H&E (NASDAQ: HEES) for possible breaches of fiduciary duty and other violations of law in its transaction with United Rentals.
In the tender offer transaction, H&E stockholders will receive only $92 per share in cash, reflecting a total enterprise value of approximately $4.8 billion, including approximately $1.4 billion of net debt. H&E insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for H&E by imposing a significant penalty if H&E accepts a competing bid. We are investigating the conduct of H&E’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.