Rental row grows

11 April 2008

Cerberus Capital Management and United Rentals, the world's largest construction equipment rental company, are suing each other over the break-down of their proposed acquisition deal.

Cerberus, which wants to back out of the US$7 billion (€ 4,7 billion) deal because of deteriorating credit markets, has filed a “request for declaratory judgement” with the New York Supreme Court to obtain legal backing for a US$ 100 million (€ 68 million) limitation in the damages that it will have to pay United.

United Rentals has already filed a lawsuit against the two acquisition vehicles created by Cerberus – RAM Holdings and RAM Acquisition Corp – seeking to compel Cerberus to complete the acquisition.

Construction
STAY CONNECTED



Receive the information you need when you need it through our world-leading magazines, newsletters and daily briefings.

Sign up

CONNECT WITH THE TEAM
Andy Brown Editor, Editorial, UK - Wadhurst Tel: +44 (0) 1892 786224 E-mail: [email protected]
Neil Gerrard Senior Editor, Editorial, UK - Wadhurst Tel: +44 (0) 7355 092 771 E-mail: [email protected]
Catrin Jones Deputy Editor, Editorial, UK – Wadhurst Tel: +44 (0) 791 2298 133 E-mail: [email protected]
Eleanor Shefford Brand Manager Tel: +44 (0) 1892 786 236 E-mail: [email protected]
CONNECT WITH SOCIAL MEDIA