The law firms of Levi & Korsinsky and Bull & Lifshitz announced separately that each is launching an investigation of the sale of RSC Holdings to United Rentals.
Bull & Lifshitz said it is looking into possible breaches of fiduciary duty in connection with the proposed sale of RSC Holdings to United Rentals in a cash-and-stock transaction at a total enterprise value of $4.2 billion, including $2.3 billion of net debt. The investigation is focused on whether the proposed deal provides adequate value to the company’s shareholders.
Levi & Korsinsky said it is investigating the board of directors of RSC Holdings for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the company to United Rentals.
Under the terms of the agreement, each outstanding share of RSC common stock will be converted into the right to receive $10.80 in cash and 0.2783 of a share of United Rentals common stock, subject to the terms and conditions of the merger agreement.
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