Home » Testimony Ends in Cerberus-United Rentals Trial
Testimony Ends in Cerberus-United Rentals Trial
December 21, 2007
Testimony has ended in the case that will determine whether private equity firm Cerberus Capital Management LP must pay a $100 million break-up fee for pulling out of its acquisition of United Rentals.
It could also be compelled to complete the $4 billion deal, Reuters has reported.   ; A Delaware court will hear the case that United Rentals, Greenwich, CT, initiated on Nov. 19, 2007, against Cerberus acquisition vehicles RAM Holdings Inc. and RAM Acquisition Corp.   ; The lawsuit seeks to compel Cerberus to complete its purchase of United Rentals.   ; United Rentals has said it has fulfilled its obligations under the merger agreement with Cerberus and stands ready to complete the merger transaction on the agreed-upon terms.   ; United Rentals is an equipment rental company with over 690 rental locations in 48 states, 10 Canadian provinces and one location in Mexico. The company offers for rent over 20,000 classes of rental equipment with a total original cost of $4.3 billion.