GREENWICH, Conn. (AP) -- United Rentals Inc. and RSC Holdings Inc. both said Friday that shareholders at their respective companies have voted in favor of United's pending $2.51 billion acquisition of RSC.
Greenwich, Conn.-based United said that 83 percent of the shares voted at its Friday meeting were in favor of the deal, while Scottsdale, Ariz.-based RSC said that 84 percent of the shares voted at its meeting supported the agreement.
The approval by shareholders satisfies one of the last major requirements for the combination of the rival rental equipment companies to close. The companies said they still expect the deal to close by Monday.
Under the terms of the deal announced in December, RSC shareholders will receive $10.80 in cash and 0.2783 of a share of United Rentals common stock for each of their RSC shares.
Based on United's Thursday closing price, the deal values RSC at $23.59 per share, or a total of $2.51 billion.
In afternoon trading, RSC shares rose 79 cents, or 3.4 percent, to $24.08, while United shares added $2.81, or 6.1 percent, to $47.76.