Herc Holdings (HRI) said Wednesday that its HR Merger Sub unit launched a tender offer to acquire all outstanding shares of H&E Equipment Services (HEES).

The proposal includes $78.75 in cash and 0.1287 shares of Herc stock for each H&E share, according to the company.

The offer expires on April 15 and may be extended, Herc said in its statement.

The company said it will use a mix of cash, asset sales, and credit to fund the deal, followed by a second-step merger for all shares not tendered.

The planned completion is expected around mid-2025, pending conditions including shareholder participation and regulatory clearance, Herc said.