Bradley S. Jacobs to Resign as Chairman of the Board of United Rentals

    Company Files Preliminary Proxy Statement for Merger with Affiliates of
Cerberus Capital Management

    GREENWICH, CONN., August 30 /CNW/ - United Rentals, Inc. (NYSE:   URI)
today announced that Bradley S. Jacobs, chairman of the board of directors,
plans to step down as chairman and director, effective August 31, 2007. Mr.
Jacobs has served as chairman since he co-founded United Rentals in 1997.

    The company also announced that it has filed a preliminary proxy
statement with the Securities and Exchange Commission relating to the
previously announced definitive merger agreement under which the company is to
be acquired by affiliates of Cerberus Capital Management, L.P. The merger,
which was announced on July 23, 2007, is expected to close in the fourth

    Mr. Jacobs said, "I'm grateful to the many people who contributed to the
success of United Rentals over the past 10 years, and I'm confident that the
company will continue to capitalize on the tremendous opportunities ahead of

    Michael J. Kneeland, chief executive officer of United Rentals, said, "I
want to express our company's warmest thanks and appreciation to Brad for his
leadership over the last decade. I have no doubt that he will enjoy continued
success in his future endeavors."

    About United Rentals

    United Rentals, Inc. is the largest equipment rental company in the
world, with an integrated network of over 690 rental locations in 48 states,
10 Canadian provinces and Mexico. The company's more than 12,000 employees
serve construction and industrial customers, utilities, municipalities,
homeowners and others. The company offers for rent over 20,000 classes of
rental equipment with a total original cost of $4.3 billion. United Rentals is
a member of the Standard & Poor's MidCap 400 Index and the Russell 2000
Index(R) and is headquartered in Greenwich, Conn. Additional information about
United Rentals is available at

    Certain statements in this press release are forward-looking statements
within the meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. These statements generally can be identified by
words such as "believes," "expects," "plans," "intends," "projects,"
"forecasts," "may," "will," "should," "on track" or "anticipates," or the
negative thereof or comparable terminology, or by discussions of vision,
strategy or outlook. Our businesses and operations are subject to a variety of
risks and uncertainties, many of which are beyond our control, and,
consequently, actual results may differ materially from those expected by any
forward-looking statements. Factors that could cause actual results to differ
from those expected, and therefore also could cause significant fluctuations
in the price of our common stock, include, but are not limited to, the
following: (1) the occurrence of any event, change or other circumstances that
could give rise to the termination of, or a material change in the terms of,
the merger agreement, (2) the inability to complete the merger due to the
failure to obtain stockholder approval or the failure to satisfy other
conditions to the completion of the merger, including the expiration or
termination of the waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, (3) risks that the proposed transaction disrupts
current plans and operations and the potential difficulties in employee
retention as a result of the merger, (4) certain significant costs, fees and
expenses related to the merger, such as legal and accounting fees, remain
payable regardless of whether or not the proposed merger is consummated, (5)
under certain circumstances, if the merger is not completed, we may be
required to pay a termination (break-up) fee of up to $100,000,000, (6) weaker
or unfavorable economic or industry conditions can reduce demand and prices
for our products and services, (7) non-residential construction spending or
governmental funding for infrastructure and other construction projects may
not reach expected levels, (8) we may not always have access to capital at
desirable rates for our businesses or growth plans, (9) any companies we
acquire could have undiscovered liabilities, may strain our management
capabilities or may be difficult to integrate, (10) rates we can charge may be
less than anticipated, or costs we incur may be more than anticipated, (11) we
are subject to an ongoing inquiry by the SEC, and there can be no assurance as
to its outcome, or any other potential consequences thereof for us, and (12)
we may incur additional significant costs and expenses in connection with the
SEC inquiry, the class action lawsuits and derivative actions that were filed
in light of the SEC inquiry, the U.S. Attorney's Office requests for
information, or other litigation, regulatory or investigatory matters related
to the SEC inquiry, the proposed merger or otherwise. For a fuller description
of these and other possible uncertainties, please refer to our Annual Report
on Form 10-K for the year ended December 31, 2006, as well as to our
subsequent filings with the SEC. Our forward-looking statements contained
herein speak only as of the date hereof, and we make no commitment to update
or publicly release any revisions to forward-looking statements in order to
reflect new information or subsequent events, circumstances or changes in


    In connection with the proposed merger, United Rentals will file a
definitive proxy statement with the Securities and Exchange Commission (the
security holders may obtain a free copy of the definitive proxy statement
(when available) and other relevant documents filed with the SEC from the
SEC's website at United Rentals security holders and other
interested parties will also be able to obtain, without charge, a copy of the
definitive proxy statement and other relevant documents (when available) by
directing a request by mail to the company at Five Greenwich Office Park,
Greenwich, CT 06831, or by telephone to (203) 622-3131, or from the United
Rentals website at

    United Rentals and its directors and officers may be deemed to be
participants in the solicitation of proxies from United Rentals stockholders
with respect to the merger. Information about United Rentals directors and
officers and their ownership of United Rentals common stock and other
securities is set forth in the United Rentals proxy statements and Annual
Reports on Form 10-K, previously filed with the SEC, and will be set forth in
the definitive proxy statement relating to the merger when it becomes

For further information:

For further information: Hyde Park Financial Communications Fred
Bratman, 203-618-7318 Cell: 917-847-4507

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890