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Cerberus withdraws $6.6bn United Rentals offer15/11/2007. Source: AltAssets. 
 New York-based Cerberus Capital Management has withdrawn from an agreement to purchase rental equipment company United Rentals in a transaction valued at approximately $6.6bn, including the assumption of approximately $2.6bn in debt obligations.
Under the terms of the merger agreement, signed in July this year, Cerberus had agreed to acquire the company for $34.50 per share in cash.
A statement on United Rental's website said, 'United Rentals views this repudiation by Cerberus as unwarranted and incompatible with the covenants of the merger agreement. Having fulfilled all the closing conditions under the merger agreement, United Rentals is prepared to complete the transaction promptly.'
United Rentals is an equipment rental company with an integrated network of over 690 rental locations in 48 US states, ten Canadian provinces and one location in Mexico. It offers for rent about 20,000 classes of rental equipment with a total original cost of $4bn.
Cerberus has approximately $25bn under management in funds and accounts.
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