By Alexandra Steblinina. United Rentals shares dropped sharply to 17.91 dollars after a Delaware chancery court ruled against the company’s petition to force Cerberus Capital Management LP to close a $4 billion buyout.
Cerberus avoided the deal in the wake of the credit squeeze, claiming it had the right to scrap the agreement as long as it was willing to pay a $100m break-up fee. But United Rentals decided to try to force the company to close the transaction.
United Rentals, Inc. is the largest equipment rental company in the world, with more than 700 rental locations throughout the United States, Canada, and Mexico. Their diverse customer base includes construction and industrial companies, utilities, municipalities, and homeowners.
The company is comprised of 4 principle divisions: General Rentals, Aerial, HVAC/Pump & Power, and Trench Safety. While the general rental branches are the most prolific and yielding for the company, the other divisions are increasingly a larger portion of United's revenue.
The company is a publicly traded company located in Greenwich, Connecticut, listed under the New York Stock Exchange symbol, URI.
The choice of the city of Helsinki is not incidental as the capital of Finland had hosted US-Soviet negotiations on the limitation of nuclear stockpiles in 1969