SECURITIES AND EXCHANGE COMMISSION
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RENTAL SERVICE CORPORATION
(Name of Registrant as Specified in Its Charter)
UNITED RENTALS, INC.
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Portion of a script of remarks of John N. Milne, Vice Chairman, Chief
Acquisition Officer, Secretary and Director of Parent relating to the
Offer, made during a meeting with potential investors held on June 8, 1999.
RENTAL SERVICE CORPORATION TENDER OFFER
As you may be aware, on April 5 we made a $22.75 per share cash tender
offer to acquire Rental Service Corporation, the third largest equipment
rental company in the U.S. We believe our offer, which is a 32% premium to
the RSC share price prior to our offer, represents a very attractive
proposal to the RSC shareholders, both in terms of the premium and the
certainty of cash. Our offer expires on June 18.
Rental Service has 249 branches in 27 states, and the Street estimates that
its revenue this year will be about $780 million.
While we currently have operations in 25 of the 27 states in which Rental
Service operates, RSC has primarily been focused on secondary areas while
we have focused on larger metropolitan regions. By consolidating selected
locations and certain corporate functions, we believe we could achieve
about $20 million in annual cost savings. This is only a rough estimate,
however, since despite our many requests, Rental Service has shared no
information with us.
We are confident that we could efficiently integrate the two companies. At
United Rentals, we have a strong operating infrastructure already in place
to support further expansion. United Rentals and RSC share a common
decentralized operating approach and use the same software system, which
our Wynne Systems subsidiary provided to Rental Service under strict terms
set forth in a license agreement.
This potential acquisition would be in line with a central theme that we
have been talking about since our IPO that as you get bigger in this
industry, you get better. Better in terms of purchasing power, utilizing
equipment, selling used equipment, attracting and retaining talented
employees, and in improving the overall cost structure in general.
I'd now like to turn it over to Wayland to discuss operations.
