(Updates with the latest stock price moves in the last paragraph.)

United Rentals (URI) said Tuesday it does not intend to submit a revised bid to acquire H&E Equipment Services (HEES), allowing H&E to terminate their previously announced merger agreement.

Under the agreement, H&E must pay a fee of about $63.5 million to terminate the deal, United Rentals said. H&E said Tuesday it had received a "superior" acquisition proposal from Herc Holdings (HRI).

Following H&E's termination of the deal, United Rentals said it will immediately restart its share repurchase program. As of Tuesday, about $250 million of authorization remains of the company's existing $1.5 billion buyback program, United Rentals said.

H&E did not immediately reply to a request for comment from MT Newswires.

Herc shares were down nearly 9% in recent trading, while United Rentals fell 4%. H&E shares were up nearly 15%.

Price: 711.13, Change: -30.13, Percent Change: -4.06