United Rentals Inc. said Tuesday that it will waive a condition to the equipment rental company's ongoing tender offer that its stock cannot fall more than 10 percent below the June 16 closing price.
United Rentals said the condition was triggered when the company's shares dropped below $19.82. The stock closed Monday at $19.61.
The company began its modified "Dutch auction" tender offer on June 17. The company is offering to buy up to 27.2 million common shares, which represents about 31.4 percent of its outstanding stock, for $22 to $25 apiece.
The tender offer is scheduled to expire on July 16, unless extended by the company.
United Rentals noted that its executive officers and directors do not plan to participate in the offer.
United Rentals shares rose 39 cents, or 2 percent, to $19.93.
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