NEW YORK, July 18, 2017 /PRNewswire/ -- The fairness of the
proposed acquisition of Neff Corporation ("NEFF" or the "Company")
(NYSE: NEFF) by H&E Equipment Services Inc. ("HEES") (NASDAQ:
HEES) is the subject of an investigation by WeissLaw LLP, a
national class action and shareholder rights law firm. The
investigation focuses on possible breaches of fiduciary duty and
other violations of law by the Board of Directors of NEFF for
agreeing to sell the Company to HEES. On July 14, 2017, the Company announced a definitive
agreement for HEES to acquire NEFF in a transaction valued at
approximately $1.2 billion.
Under the terms of the agreement, NEFF shareholders will
receive $21.07 in cash for each NEFF
share they own.
WeissLaw is investigating whether NEFF's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, the offer price provides the Company's shareholders with
virtually no premium over NEFF's July
13 trading price of $20.02. Additionally, the Company recently
announced a 5.3% year-over-year increase in rental revenue and a 7%
year-over-year increase in total revenue in the first quarter of
2017.
Moreover, according to the acquisition announcement, the deal
will "nearly double the number of [HEES] branches, from 78 to 147,
within [HEES]'s existing footprint in the strategically important
Gulf Coast, Mid-Atlantic, Southeast and West Coast
regions."
Given these facts, WeissLaw is investigating whether the NEFF
Board acted in the best interests of NEFF's public shareholders by
actively shopping the Company to maximize shareholder value prior
to entering into the agreement with HEES. If you own NEFF
shares and would like more information about your rights or our
investigation, or if you have information to share with us, please
contact Joshua Rubin by
telephone at (888) 593-4771 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the form
on our website,
http://www.weisslawllp.com/neff-corporation/
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SOURCE WeissLaw LLP