H&E Equipment Services (HEES) said in a regulatory filing Monday that Herc Holdings (HRI) has voluntarily withdrawn and refiled the submission of a premerger notification under the Hart-Scott-Rodino, or HSR, Antitrust Improvements Act for its proposed acquisition of H&E Equipment.
The submission of a premerger notification under the HSR is usually necessary for large transactions, Herc Holdings President and Chief Executive Larry Silber said in a letter to the H&E Equipment team. The notification includes "key information" regarding the merger and the companies involved.
The submission of the notification triggers a 30-day waiting period, during which time the Federal Trade Commission reviews the proposed merger and assesses its impact on market competition.
However, as the regulators also reach out to other industry parties, the FTC may need more time to review the information that it gathers regarding the pending information.
"To accommodate this, we have voluntarily chosen to withdraw and refile our HSR submission," Silber said, adding that the step restarts the 30-day waiting period and gives the FTC more time to complete its review.
Silber said Herc Holdings remains "fully committed" to securing the necessary regulatory approvals to close the transaction by mid-2025.
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