08:04 AM EST, 02/18/2025 (MT Newswires) -- United Rentals ( URI ) said Tuesday it does not intend to submit a revised bid to acquire H&E Equipment Services ( HEES ) , allowing H&E to terminate their previously announced merger agreement.

Under the agreement, H&E must pay a termination fee of about $63.5 million to terminate the deal, United Rentals ( URI ) said. H&E said Tuesday it had received a "superior" acquisition proposal from Herc Holdings ( HRI ) .

Following H&E's termination of the deal, United Rentals ( URI ) said it will immediately restart its share repurchase program. As of Tuesday, about $250 million of authorization remains of the company's existing $1.5 billion buyback program, United Rentals ( URI ) said.

Shares of United Rentals ( URI ) were down 1.9% in premarket trading, while H&E was up by more than 13% and Herc Holdings ( HRI ) was down by more than 12%.

H&E did not immediately reply to a request for comment from MT Newswires.