Cerberus denies claims in United Rentals' suit

11/20/2007 | Industrial Distribution online

Cerberus Capital Management LP has refuted claims in a lawsuit brought by United Rentals Inc., which seeks to make the private equity firm complete its $6.6 billion acquisition of the construction equipment rental firm. Cerberus said the merger agreement contains a "clearly and unambiguously stated" provision allowing the equity firm to walk away from the deal provided it pays a $100 million termination fee to United Rentals. The equity firm had said it was pulling out of the deal over concerns about problems in the credit and residential construction markets. It then expressed willingness to negotiate new merger terms or leave the deal and pay the termination fee, after which United Rentals filed suit, saying in a statement that Cerberus violated the terms of the merger agreement in a "naked ploy to extract a lower price at the expense of United Rentals' shareholders."

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