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Acquisitions
12 Months Ended
Dec. 31, 2017
Business Combinations [Abstract]  
Acquisitions

(3)     Acquisitions

  On July 14, 2017, we and Neff Corporation (“Neff”) announced that we had entered into a definitive merger agreement under which we would acquire Neff by way of merger. The merger agreement was subject to customary closing conditions, and also included a “go-shop” period expiring on August 20, 2017, during which Neff could solicit alternative proposals to acquire Neff. On August 13, 2017, Neff notified us that it had determined that an acquisition proposal Neff had received constituted a “Superior Proposal” (as defined in the merger agreement) to acquire Neff and that Neff intended to terminate the merger agreement with us to enter into an agreement for such acquisition proposal, subject to our right to match the proposal under the merger agreement. On August 16, 2017, we announced that we had notified Neff that we did not intend to submit a revised proposal for the acquisition of Neff, , and on August 17, 2017, Neff terminated the merger agreement with us and immediately entered into a definitive agreement with United Rentals, Inc. (“URI”) under which United Rentals would acquire Neff.

Pursuant to the terms of the merger agreement between us and Neff, Neff paid us a termination fee to us of approximately $13.2 million concurrently with Neff’s termination of the merger agreement. We received the $13.2 million breakup fee on August 16, 2017. Total estimated transaction costs related to the proposed merger with Neff, including related financing costs, were approximately $6.7 million. Also included in this line item are estimated merger fees associated with the CEC acquisition of approximately $0.8 million.

The net breakup fee proceeds of $5.8 million are presented in our statements of income for the year ended December 31, 2017 in the line item, “Merger breakup fee proceeds, net of merger costs”.

As of February 22, 2018, a preliminary allocation of the fair value of the existing purchase price of CEC had yet to be completed. Accordingly, disclosure of the allocation of the purchase price to the CEC balance line items and the pro forma presentation reflecting the impact of the acquisition will be disclosed in subsequent filings.