Form 4: H&E Equipment Services Director Disposes of Over 1 Million Shares Following Herc Holdings Merger Completion

Bruce Bruckmann, a Director of H&E Equipment Services, Inc., has reported the disposition of over 1 million shares of common stock as a result of the company's merger with Herc Holdings Inc.

Summary

• Bruce Bruckmann, a Director of H&E Equipment Services, Inc. (HEES), disposed of a total of 1,048,245 shares of common stock on June 2, 2025.
• The disposition occurred due to the consummation of the merger between H&E Equipment Services, Inc. and Herc Holdings Inc. (Parent), as per the Agreement and Plan of Merger dated February 19, 2025.
• The shares were exchanged for a per-share consideration of $78.75 in cash and 0.1287 shares of Herc Holdings Inc. common stock.
• The disposed shares included 803,019 shares held directly, 73,344 shares held indirectly by the Bruce C. Bruckmann 1999 Gift Trust, and 171,882 shares held indirectly by the Bruce C. Bruckmann Family Trust.
• Mr. Bruckmann disclaims beneficial ownership of the shares held by both the 1999 Gift Trust and the Family Trust, which were previously held for the benefit of his children.

Sentiment

Score: 7

Explanation: The sentiment is positive as the merger, a significant corporate event, was successfully completed as planned, providing a defined exit and consideration for H&E shareholders.

Positives

• The successful completion of the merger between H&E Equipment Services and Herc Holdings Inc. provides liquidity and new equity for H&E shareholders.
• Shareholders of H&E Equipment Services received a combination of cash ($78.75 per share) and stock (0.1287 shares of Herc Holdings Inc. per share), offering immediate value and continued participation in the combined entity.

Future Outlook

This Form 4 reports a completed transaction and does not provide forward-looking statements or guidance.

Industry Context

This filing reflects the finalization of a significant consolidation event within the equipment rental and services industry, where H&E Equipment Services, a major player, has been acquired by Herc Holdings Inc., another prominent entity. This merger is expected to reshape the competitive landscape and market share distribution in the sector.

Related Party Transactions

• Disposition of shares held by the Bruce C. Bruckmann 1999 Gift Trust and the Bruce C. Bruckmann Family Trust, for which the reporting person disclaims beneficial ownership.

Stakeholder Impact

• Shareholders of H&E Equipment Services received a pre-determined cash and stock consideration, realizing value from their investment.
• The merger's completion signifies a change in ownership and strategic direction for H&E Equipment Services, now part of Herc Holdings Inc.

Key Dates

Keywords

SEC Form 4, Insider Transaction, Merger, Acquisition, Stock Disposition, H&E Equipment Services, Herc Holdings, Corporate Governance, Director, Equity Securities