United Rentals, for sale, has a taker

Nearing its 10-year anniversary in August, United Rentals Inc. agreed to a $6.6 billion acquisition offer, representing a 25 percent premium over the Greenwich company”™s stock price on April 10 when it began soliciting buyers.
Cerburus Capital Management L.P. is offering to pay $34.50 in cash for each share of United Rentals, while assuming $2.6 billion in debt. Apollo Management L.P., which holds 18 percent of the voting power of United Rentals stock, agreed to vote in favor of the buyout. The deal is contingent on approval from remaining shareholders and regulators.
Including unexercised stock warrants, the deal would value United Rentals founder and Chairman Bradley Jacobs”™ holdings at $195 million.
“This transaction is a credit to the thousands of United Rentals employees who have created unmatched value in our industry,” Jacobs said, in a prepared statement. “A decade ago, we started United Rentals with little more than a concept and achieved industry leadership in just 13 months. Today, we remain the pre-eminent equipment rental company in the world.”
Jacobs launched United Rentals in August 1997 with seven former colleagues of United Waste Systems, which he founded in 1989 and had sold that August. Jacobs fronted United Rentals $35 million in cash, which along with debt helped the company acquire 72 other companies in its first year of operation. United Rentals became a publicly traded company in 1998.
Today, the company bills itself as the largest equipment-rental company in the world, with 690 rental locations and 12,000 employees. United Rentals earned $30 million in the first quarter on sales of $567 million.
In April, as the company released plans to put itself on the auction block, Wayland Hicks announced his June retirement as CEO of United Rentals. The company has since been run by interim CEO Michael Kneeland, its chief operating officer.
Under the agreement with New York City-based Cerberus, United Rentals may continue to solicit proposals through August 31.
Cerberus is currently in negotiations to acquire Chrysler from Daimler Chrysler A.G.  The company”™s investment portfolio includes EntreCap Financial Corp., a Shelton commercial property and equipment financing firm spun out of Stamford-based Pitney Bowes Inc.; and SLI Holdings Inc., a lighting fixture company in Purchase, N.Y.