SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
----------------
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. )
United Rentals, Inc.
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(Name of Issuer)
Common Stock, $.01 par value
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(Title of Class of Securities)
911363109
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(CUSIP Number)
Bruce R. Berkowitz
c/o Fairholme Capital Management, L.L.C.
4400 Biscayne Boulevard, 9th Floor
Miami, FL 33137
(305) 358-3000
Paul M. Miller
Christopher C. Riccardi
Seward & Kissel LLP
One Battery Park Plaza
New York, NY 10004
Clifford E. Neimeth
Greenberg Traurig, LLP
Met Life Building
200 Park Avenue
New York, NY 10166
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 20, 2008
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(Date of Event which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box [x].
----------
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP No. 911363109
---------------------
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Fairholme Capital Management, L.L.C.
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
3. SEC USE ONLY
4. SOURCE OF FUNDS
AF
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
7. SOLE VOTING POWER
0
8. SHARED VOTING POWER
9,697,272
9. SOLE DISPOSITIVE POWER
0
10. SHARED DISPOSITIVE POWER
11,181,847
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11,181,847
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.9%
14. TYPE OF REPORTING PERSON
IA
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Bruce R. Berkowitz
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
3. SEC USE ONLY
4. SOURCE OF FUNDS
AF
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
7. SOLE VOTING POWER
0
8. SHARED VOTING POWER
9,697,272
9. SOLE DISPOSITIVE POWER
0
10. SHARED DISPOSITIVE POWER
11,181,847
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11,181,847
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.9%
14. TYPE OF REPORTING PERSON
IN, HC
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Fairholme Funds, Inc.
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
3. SEC USE ONLY
4. SOURCE OF FUNDS
WC
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
7. SOLE VOTING POWER
0
8. SHARED VOTING POWER
8,291,818
9. SOLE DISPOSITIVE POWER
0
10. SHARED DISPOSITIVE POWER
8,291,818
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,291,818
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.0%
14. TYPE OF REPORTING PERSON
IC
CUSIP No. 911363109
---------------------
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Item 1. Security and Issuer.
The name of the issuer is United Rentals, Inc. (the "Issuer"). The address
of the Issuer's offices is Five Greenwich Office Park, Greenwich, Connecticut
06831. This Schedule 13D relates to the Issuer's Common Stock, $.01 par value
(the "Shares").
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Item 2. Identity and Background.
(a-c, f) This Schedule 13D is being filed jointly by Fairholme Capital
Management, L.L.C., a Delaware limited liability company ("Fairholme"),
Fairholme Funds, Inc. (the "Fund"), a Maryland investment company and Bruce R.
Berkowitz, a United States citizen (collectively with Fairholme and the Fund,
the "Reporting Persons").
The principal business address of the Reporting Persons is 4400 Biscayne
Boulevard, 9th Floor, Miami, FL 33137.
Bruce R. Berkowitz is the managing member of Fairholme, an investment
management firm that serves as the general partner, managing member and
investment adviser to several investment funds, both public and private (the
"Fairholme Funds").
(d) None of the Reporting Persons has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) None of the Reporting Persons has, during the last five years, been a
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, Federal or state securities laws or finding any
violation with respect to such laws.
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Item 3. Source and Amount of Funds or Other Consideration.
The funds for the purchase of the Shares came from the working capital of
the Fairholme Funds over which Bruce Berkowitz, through his role at Fairholme,
exercises investment discretion.
No borrowed funds were used to purchase the Shares, other than any borrowed
funds used for working capital purposes (including certain leverage
arrangements) in the Fairholme Funds' ordinary course of business.
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Item 4. Purpose of Transaction.
The shares of Common Stock were acquired by the Reporting Persons in the course
of their business of making portfolio investments as part of their proprietary
trading strategy. The Reporting Persons intend to monitor their investments in
accordance with market and general economic conditions, as well as the Issuer's
operating results, financial condition and conditions in the Issuer's industry.
Except as set forth herein, the Reporting Persons have no present plans or
proposals that relate to or that would result in any of the actions specified in
clauses (a) through (j) of Item 4 of Schedule 13D. However, the Reporting
Persons reserve the right, at any time in the future and from time to time, to
consider various courses of action that relate to or that would result in any of
the actions specified in clauses (a) through (j) of Item 4 of Schedule 13D. As
part of monitoring their investments, the Reporting Persons may also, from time
to time, seek to meet with and engage in discussions with the Issuer's
management and directors as well as with other holders of Common Stock. On
October 20, 2008, in response to the Issuer's announced second amendment of its
stockholders rights plan, Fairholme Capital Management sent a letter to the
Issuer, the complete text of which is filed herewith as Exhibit C and
incorporated into this Item 4 in its entirety.
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Item 5. Interest in Securities of the Issuer.
(a-e) As of the date hereof, Fairholme may be deemed to be the beneficial owner
of 11,181,847 Shares (18.9%) of the Issuer, the Fund may be deemed to be the
beneficial owner of 8,291,818 Shares (14.0%) of the Issuer and Bruce R.
Berkowitz may be deemed to be the beneficial owner of 11,181,847 Shares (18.9%)
of the Issuer, based upon the 59,298,808 Shares outstanding as of July 25, 2008,
according to the Issuer.
Fairholme has the sole power to vote or direct the vote of 0 Shares,
the Fund has the sole power to vote or direct the vote of 0 Shares
and Bruce R. Berkowitz has the sole power to vote or direct the vote of 0 Shares
to which this filing relates. Fairholme has the shared power to vote or direct
the vote of 9,697,272 Shares, the Fund has the shared power to vote
or direct the vote of 8,291,818 Shares and Bruce R. Berkowitz has the shared
power to vote or direct the vote of 9,697,272 Shares to which this filing
relates.
Fairholme has the sole power to dispose or direct the disposition of 0
Shares, the Fund has the sole power to dispose or direct the disposition of 0
Shares and Bruce R. Berkowitz has the sole power to dispose or direct the
disposition of 0 Shares to which this filing relates. Fairholme has the shared
power to dispose or direct the disposition of 11,181,847 Shares, the Fund has
the shared power to dispose or direct the disposition of 8,291,818 Shares and
Bruce R. Berkowitz has the shared power to dispose or direct the disposition of
11,181,847 Shares to which this filing relates.
The trading dates, number of Shares purchased and the price per share for
all transactions in the Shares during the 60 days prior to October 20, 2008 by
the Reporting Persons are set forth in Exhibit B and were effected in the open
market.
The Reporting Persons specifically disclaim beneficial ownership in the
Shares reported herein except to the extent of their pecuniary interest therein.
--------------------------------------------------------------------------------
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer.
The Reporting Persons do not have any contract, arrangement, understanding
or relationship with any person with respect to the Shares.
--------------------------------------------------------------------------------
Item 7. Material to be Filed as Exhibits.
Exhibit A An agreement relating to the filing of a joint statement as
required by Rule 13d-1(k) under the Securities Exchange Act of
1934 is filed herewith as Exhibit A.
Exhibit B A description of the transactions in the Shares that were
effected by the Reporting Persons during the 60 days prior to
October 20, 2008 is filed herewith as Exhibit B.
Exhibit C A letter to the Issuer written in response to the Issuer's
announced second amendment of its stockholders rights plan is
filed herewith as Exhibit C.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
October 20, 2008
-----------------------
(Date)
Fairholme Capital Management, L.L.C.
By: /s/ Bruce R. Berkowitz
----------------------
Name: Bruce R. Berkowitz
Title: Managing Member
Fairholme Funds, Inc.
By: /s/ Bruce R. Berkowitz
----------------------
Name: Bruce R. Berkowitz
Title: President
/s/ Bruce R. Berkowitz
---------------------------
Bruce R. Berkowitz
Exhibit A
AGREEMENT
The undersigned agree that this Schedule 13D dated October 20, 2008
relating to the Common Stock, $.01 par value of United Rentals, Inc. shall be
filed on behalf of the undersigned.
Fairholme Capital Management, L.L.C.
By: /s/ Bruce R. Berkowitz
----------------------
Name: Bruce R. Berkowitz
Title: Managing Member
Fairholme Funds, Inc.
By: /s/ Bruce R. Berkowitz
----------------------
Name: Bruce R. Berkowitz
Title: President
/s/ Bruce R. Berkowitz
---------------------------
Bruce R. Berkowitz
October 20, 2008
Exhibit B
Transactions in the Shares -- The Reporting Persons
Fairholme Capital Management, L.L.C.
Number Price
Purchase/Sale Trade Date of Shares per Share
Purchase 8/20/2008 200 $ 15.36
Sale 8/20/2008 1,800 $ 15.17
Purchase 8/20/2008 2,100 $ 15.30
Purchase 8/20/2008 38,300 $ 15.30
Purchase 8/20/2008 44,500 $ 15.30
Purchase 8/20/2008 81,500 $ 15.30
Purchase 8/21/2008 100 $ 15.70
Purchase 8/21/2008 100 $ 15.70
Purchase 8/21/2008 300 $ 15.70
Purchase 8/21/2008 300 $ 15.70
Purchase 8/21/2008 300 $ 15.70
Purchase 8/21/2008 9,400 $ 15.70
Purchase 8/21/2008 62,500 $ 15.70
Purchase 8/22/2008 31,600 $ 16.01
Purchase 8/25/2008 117,100 $ 15.99
Purchase 8/26/2008 139,000 $ 15.87
Purchase 8/27/2008 1,000 $ 16.00
Purchase 8/28/2008 100 $ 16.01
Purchase 8/28/2008 700 $ 16.26
Purchase 8/29/2008 800 $ 16.09
Purchase 8/29/2008 800 $ 16.09
Purchase 8/29/2008 1,500 $ 16.09
Purchase 8/29/2008 1,700 $ 16.09
Purchase 8/29/2008 2,100 $ 16.09
Purchase 8/29/2008 2,800 $ 16.09
Purchase 8/29/2008 3,500 $ 16.09
Purchase 8/29/2008 5,800 $ 16.09
Purchase 8/29/2008 13,000 $ 16.09
Purchase 8/29/2008 45,700 $ 16.09
Purchase 9/2/2008 156,000 $ 16.43
Purchase 9/3/2008 30,300 $ 16.46
Purchase 9/4/2008 3,900 $ 16.26
Purchase 9/4/2008 210,900 $ 15.93
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 16.00
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 15.98
Purchase 9/5/2008 100 $ 16.00
Purchase 9/5/2008 100 $ 16.09
Purchase 9/5/2008 100 $ 16.09
Purchase 9/5/2008 100 $ 16.09
Purchase 9/5/2008 200 $ 15.98
Purchase 9/5/2008 200 $ 15.98
Purchase 9/5/2008 200 $ 15.98
Purchase 9/5/2008 200 $ 15.98
Purchase 9/5/2008 200 $ 15.98
Purchase 9/5/2008 200 $ 15.98
Purchase 9/5/2008 200 $ 15.98
Purchase 9/5/2008 200 $ 16.04
Purchase 9/5/2008 800 $ 15.98
Purchase 9/5/2008 1,000 $ 15.98
Purchase 9/5/2008 1,300 $ 15.98
Purchase 9/5/2008 1,700 $ 16.01
Purchase 9/5/2008 1,900 $ 15.98
Purchase 9/5/2008 4,600 $ 15.98
Purchase 9/5/2008 28,700 $ 15.98
Purchase 9/5/2008 396,200 $ 15.98
Purchase 9/11/2008 1,800 $ 16.21
Purchase 9/11/2008 56,700 $ 15.98
Purchase 9/12/2008 3,500 $ 16.22
Purchase 9/12/2008 10,300 $ 16.00
Purchase 9/15/2008 1,800 $ 15.66
Purchase 9/15/2008 2,000 $ 15.66
Purchase 9/15/2008 2,500 $ 15.66
Purchase 9/15/2008 82,500 $ 15.66
Purchase 9/17/2008 12,600 $ 15.24
Purchase 9/17/2008 27,400 $ 15.24
Purchase 9/18/2008 90,200 $ 15.03
Purchase 9/23/2008 1,800 $ 15.53
Purchase 9/24/2008 16,900 $ 14.69
Purchase 9/25/2008 37,000 $ 14.76
Purchase 9/26/2008 5,900 $ 14.97
Purchase 9/26/2008 12,100 $ 14.50
Purchase 9/29/2008 19,400 $ 14.41
Purchase 9/30/2008 2,600 $ 13.96
Purchase 10/1/2008 153,200 $ 13.95
Purchase 10/2/2008 3,200 $ 13.43
Purchase 10/2/2008 12,400 $ 13.43
Purchase 10/2/2008 75,700 $ 13.43
Purchase 10/3/2008 249,700 $ 13.22
Purchase 10/6/2008 233,200 $ 11.44
Purchase 10/7/2008 95,100 $ 11.43
Sale 10/8/2008 100 $ 10.89
Sale 10/8/2008 461 $ 10.89
Sale 10/8/2008 1,407 $ 10.84
Purchase 10/8/2008 66,700 $ 10.89
Purchase 10/8/2008 95,500 $ 10.89
Purchase 10/8/2008 96,400 $ 10.89
Purchase 10/8/2008 141,700 $ 10.89
Purchase 10/9/2008 77,900 $ 11.19
Purchase 10/9/2008 111,500 $ 11.19
Purchase 10/9/2008 112,400 $ 11.19
Purchase 10/9/2008 165,400 $ 11.19
Purchase 10/10/2008 67,500 $ 10.16
Purchase 10/10/2008 98,900 $ 10.16
Purchase 10/13/2008 100 $ 10.43
Purchase 10/13/2008 100 $ 10.43
Purchase 10/13/2008 100 $ 10.43
Purchase 10/13/2008 100 $ 10.43
Purchase 10/13/2008 200 $ 10.43
Purchase 10/13/2008 200 $ 10.43
Purchase 10/13/2008 200 $ 10.43
Purchase 10/13/2008 200 $ 10.43
Purchase 10/13/2008 200 $ 10.43
Purchase 10/13/2008 200 $ 10.43
Purchase 10/13/2008 200 $ 10.43
Purchase 10/13/2008 200 $ 10.43
Purchase 10/13/2008 200 $ 10.43
Purchase 10/13/2008 200 $ 10.43
Purchase 10/13/2008 200 $ 10.43
Purchase 10/13/2008 300 $ 10.43
Purchase 10/13/2008 300 $ 10.43
Purchase 10/13/2008 300 $ 10.43
Purchase 10/13/2008 300 $ 10.43
Purchase 10/13/2008 300 $ 10.43
Purchase 10/13/2008 300 $ 10.43
Purchase 10/13/2008 300 $ 10.43
Purchase 10/13/2008 400 $ 10.43
Purchase 10/13/2008 400 $ 10.43
Purchase 10/13/2008 400 $ 10.43
Purchase 10/13/2008 400 $ 10.43
Purchase 10/13/2008 400 $ 10.43
Purchase 10/13/2008 400 $ 10.43
Purchase 10/13/2008 400 $ 10.43
Purchase 10/13/2008 400 $ 10.43
Purchase 10/13/2008 400 $ 10.43
Purchase 10/13/2008 400 $ 10.43
Purchase 10/13/2008 400 $ 10.43
Purchase 10/13/2008 400 $ 10.43
Purchase 10/13/2008 400 $ 10.43
Purchase 10/13/2008 400 $ 10.43
Purchase 10/13/2008 400 $ 10.43
Purchase 10/13/2008 500 $ 10.43
Purchase 10/13/2008 500 $ 10.43
Purchase 10/13/2008 500 $ 10.43
Purchase 10/13/2008 500 $ 10.43
Purchase 10/13/2008 500 $ 10.43
Purchase 10/13/2008 500 $ 10.43
Purchase 10/13/2008 500 $ 10.43
Purchase 10/13/2008 500 $ 10.43
Purchase 10/13/2008 500 $ 10.43
Purchase 10/13/2008 500 $ 10.43
Purchase 10/13/2008 500 $ 10.43
Purchase 10/13/2008 500 $ 10.43
Purchase 10/13/2008 500 $ 10.43
Purchase 10/13/2008 600 $ 10.43
Purchase 10/13/2008 600 $ 10.43
Purchase 10/13/2008 600 $ 10.43
Purchase 10/13/2008 600 $ 10.43
Purchase 10/13/2008 600 $ 10.43
Purchase 10/13/2008 600 $ 10.43
Purchase 10/13/2008 600 $ 10.43
Purchase 10/13/2008 600 $ 10.43
Purchase 10/13/2008 600 $ 10.43
Purchase 10/13/2008 600 $ 10.43
Purchase 10/13/2008 600 $ 10.43
Purchase 10/13/2008 700 $ 10.43
Purchase 10/13/2008 700 $ 10.43
Purchase 10/13/2008 700 $ 10.43
Purchase 10/13/2008 700 $ 10.43
Purchase 10/13/2008 700 $ 10.43
Purchase 10/13/2008 700 $ 10.43
Purchase 10/13/2008 700 $ 10.43
Purchase 10/13/2008 700 $ 10.43
Purchase 10/13/2008 700 $ 10.43
Purchase 10/13/2008 700 $ 10.43
Purchase 10/13/2008 700 $ 10.43
Purchase 10/13/2008 700 $ 10.43
Purchase 10/13/2008 700 $ 10.43
Purchase 10/13/2008 700 $ 10.43
Purchase 10/13/2008 700 $ 10.43
Purchase 10/13/2008 700 $ 10.43
Purchase 10/13/2008 700 $ 10.43
Purchase 10/13/2008 700 $ 10.43
Purchase 10/13/2008 700 $ 10.43
Purchase 10/13/2008 700 $ 10.43
Purchase 10/13/2008 800 $ 10.43
Purchase 10/13/2008 800 $ 10.43
Purchase 10/13/2008 800 $ 10.43
Purchase 10/13/2008 800 $ 10.43
Purchase 10/13/2008 800 $ 10.43
Purchase 10/13/2008 800 $ 10.43
Purchase 10/13/2008 800 $ 10.43
Purchase 10/13/2008 800 $ 10.43
Purchase 10/13/2008 800 $ 10.43
Purchase 10/13/2008 800 $ 10.44
Purchase 10/13/2008 800 $ 10.43
Purchase 10/13/2008 800 $ 10.43
Purchase 10/13/2008 800 $ 10.43
Purchase 10/13/2008 900 $ 10.43
Purchase 10/13/2008 900 $ 10.43
Purchase 10/13/2008 900 $ 10.43
Purchase 10/13/2008 900 $ 10.43
Purchase 10/13/2008 900 $ 10.43
Purchase 10/13/2008 900 $ 10.43
Purchase 10/13/2008 900 $ 10.43
Purchase 10/13/2008 1,000 $ 10.43
Purchase 10/13/2008 1,000 $ 10.43
Purchase 10/13/2008 1,000 $ 10.43
Purchase 10/13/2008 1,000 $ 10.43
Purchase 10/13/2008 1,000 $ 10.43
Purchase 10/13/2008 1,000 $ 10.43
Purchase 10/13/2008 1,000 $ 10.43
Purchase 10/13/2008 1,000 $ 10.43
Purchase 10/13/2008 1,000 $ 10.43
Purchase 10/13/2008 1,100 $ 10.43
Purchase 10/14/2008 800 $ 11.42
Purchase 10/14/2008 1,100 $ 11.42
Purchase 10/14/2008 1,100 $ 11.42
Purchase 10/14/2008 1,100 $ 11.42
Purchase 10/14/2008 1,100 $ 11.42
Purchase 10/14/2008 1,100 $ 11.42
Purchase 10/14/2008 1,100 $ 11.42
Purchase 10/14/2008 1,100 $ 11.42
Purchase 10/14/2008 1,100 $ 11.42
Purchase 10/14/2008 1,100 $ 11.42
Purchase 10/14/2008 1,200 $ 11.42
Purchase 10/14/2008 1,200 $ 11.42
Purchase 10/14/2008 1,200 $ 11.42
Purchase 10/14/2008 1,200 $ 11.42
Purchase 10/14/2008 1,200 $ 11.42
Purchase 10/14/2008 1,200 $ 11.42
Purchase 10/14/2008 1,200 $ 11.42
Purchase 10/14/2008 1,200 $ 11.42
Purchase 10/14/2008 1,200 $ 11.42
Purchase 10/14/2008 1,300 $ 11.42
Purchase 10/14/2008 1,300 $ 11.42
Purchase 10/14/2008 1,300 $ 11.42
Purchase 10/14/2008 1,300 $ 11.42
Purchase 10/14/2008 1,300 $ 11.42
Purchase 10/14/2008 1,300 $ 11.43
Purchase 10/14/2008 1,300 $ 11.42
Purchase 10/14/2008 1,300 $ 11.42
Purchase 10/14/2008 1,300 $ 11.42
Purchase 10/14/2008 1,400 $ 11.42
Purchase 10/14/2008 1,400 $ 11.42
Purchase 10/14/2008 1,400 $ 11.42
Purchase 10/14/2008 1,400 $ 11.42
Purchase 10/14/2008 1,400 $ 11.42
Purchase 10/14/2008 1,400 $ 11.42
Purchase 10/14/2008 1,400 $ 11.42
Purchase 10/14/2008 1,400 $ 11.42
Purchase 10/14/2008 1,400 $ 11.42
Purchase 10/14/2008 1,500 $ 11.42
Purchase 10/14/2008 1,500 $ 11.42
Purchase 10/14/2008 1,500 $ 11.42
Purchase 10/14/2008 1,500 $ 11.42
Purchase 10/14/2008 1,500 $ 11.42
Purchase 10/14/2008 1,500 $ 11.42
Purchase 10/14/2008 1,500 $ 11.42
Purchase 10/14/2008 1,500 $ 11.42
Purchase 10/14/2008 1,500 $ 11.42
Purchase 10/14/2008 1,500 $ 11.42
Purchase 10/14/2008 1,600 $ 11.42
Purchase 10/14/2008 1,600 $ 11.42
Purchase 10/14/2008 1,600 $ 11.42
Purchase 10/14/2008 1,600 $ 11.42
Purchase 10/14/2008 1,600 $ 11.42
Purchase 10/14/2008 1,600 $ 11.42
Purchase 10/14/2008 1,600 $ 11.42
Purchase 10/14/2008 1,700 $ 11.42
Purchase 10/14/2008 1,700 $ 11.42
Purchase 10/14/2008 1,700 $ 11.42
Purchase 10/14/2008 1,700 $ 11.42
Purchase 10/14/2008 1,700 $ 11.42
Purchase 10/14/2008 1,700 $ 11.42
Purchase 10/14/2008 1,800 $ 11.42
Purchase 10/14/2008 1,800 $ 11.42
Purchase 10/14/2008 1,800 $ 11.42
Purchase 10/14/2008 1,900 $ 11.42
Purchase 10/14/2008 1,900 $ 11.42
Purchase 10/14/2008 1,900 $ 11.42
Purchase 10/14/2008 1,900 $ 11.42
Purchase 10/14/2008 1,900 $ 11.42
Purchase 10/14/2008 2,000 $ 11.42
Purchase 10/14/2008 2,000 $ 11.42
Purchase 10/14/2008 2,000 $ 11.42
Purchase 10/14/2008 2,000 $ 11.42
Purchase 10/14/2008 2,000 $ 11.42
Purchase 10/14/2008 2,000 $ 11.42
Purchase 10/14/2008 2,000 $ 11.42
Purchase 10/14/2008 2,000 $ 11.42
Purchase 10/14/2008 2,000 $ 11.42
Purchase 10/14/2008 2,100 $ 11.42
Purchase 10/14/2008 2,100 $ 11.42
Purchase 10/14/2008 2,100 $ 11.42
Purchase 10/14/2008 2,100 $ 11.42
Purchase 10/14/2008 2,100 $ 11.42
Purchase 10/14/2008 2,100 $ 11.43
Purchase 10/14/2008 2,100 $ 11.42
Purchase 10/14/2008 2,100 $ 11.42
Purchase 10/14/2008 2,100 $ 11.42
Purchase 10/14/2008 2,100 $ 11.42
Purchase 10/14/2008 2,200 $ 11.42
Purchase 10/14/2008 2,200 $ 11.42
Purchase 10/14/2008 2,200 $ 11.42
Purchase 10/14/2008 2,200 $ 11.42
Purchase 10/14/2008 2,200 $ 11.42
Purchase 10/14/2008 2,200 $ 11.42
Purchase 10/14/2008 2,200 $ 11.42
Purchase 10/14/2008 2,300 $ 11.42
Purchase 10/14/2008 2,300 $ 11.42
Purchase 10/14/2008 2,300 $ 11.42
Purchase 10/14/2008 2,300 $ 11.42
Purchase 10/14/2008 2,300 $ 11.42
Purchase 10/14/2008 2,300 $ 11.42
Purchase 10/14/2008 2,300 $ 11.42
Purchase 10/14/2008 2,400 $ 11.42
Purchase 10/14/2008 2,400 $ 11.42
Purchase 10/14/2008 2,400 $ 11.42
Purchase 10/14/2008 2,400 $ 11.42
Purchase 10/14/2008 2,400 $ 11.42
Purchase 10/14/2008 2,500 $ 11.42
Purchase 10/14/2008 2,500 $ 11.42
Purchase 10/14/2008 2,500 $ 11.42
Purchase 10/14/2008 2,500 $ 11.42
Purchase 10/14/2008 2,500 $ 11.42
Purchase 10/14/2008 2,600 $ 11.42
Purchase 10/14/2008 2,600 $ 11.42
Purchase 10/14/2008 2,700 $ 11.42
Purchase 10/14/2008 2,700 $ 11.42
Purchase 10/14/2008 2,700 $ 11.42
Purchase 10/14/2008 2,700 $ 11.42
Purchase 10/14/2008 2,700 $ 11.42
Purchase 10/14/2008 2,800 $ 11.42
Purchase 10/14/2008 2,800 $ 11.42
Purchase 10/14/2008 2,800 $ 11.42
Purchase 10/14/2008 2,800 $ 11.42
Purchase 10/14/2008 2,900 $ 11.43
Purchase 10/14/2008 3,000 $ 11.42
Purchase 10/14/2008 3,000 $ 11.42
Purchase 10/14/2008 3,000 $ 11.42
Purchase 10/14/2008 3,000 $ 11.42
Purchase 10/14/2008 3,100 $ 11.42
Purchase 10/14/2008 3,100 $ 11.42
Purchase 10/14/2008 3,400 $ 11.42
Purchase 10/14/2008 3,400 $ 11.42
Purchase 10/14/2008 3,400 $ 11.42
Purchase 10/14/2008 3,400 $ 11.42
Purchase 10/14/2008 3,400 $ 11.42
Purchase 10/14/2008 3,400 $ 11.42
Purchase 10/14/2008 3,400 $ 11.42
Purchase 10/14/2008 3,500 $ 11.42
Purchase 10/14/2008 3,500 $ 11.42
Purchase 10/14/2008 3,500 $ 11.42
Purchase 10/14/2008 3,500 $ 11.42
Purchase 10/14/2008 3,600 $ 11.42
Purchase 10/14/2008 3,600 $ 11.42
Purchase 10/14/2008 3,700 $ 11.42
Purchase 10/14/2008 3,700 $ 11.42
Purchase 10/14/2008 3,800 $ 11.42
Purchase 10/14/2008 3,800 $ 11.42
Purchase 10/14/2008 3,800 $ 11.42
Purchase 10/14/2008 3,800 $ 11.42
Purchase 10/14/2008 3,800 $ 11.42
Purchase 10/14/2008 3,800 $ 11.42
Purchase 10/14/2008 3,900 $ 11.42
Purchase 10/14/2008 3,900 $ 11.42
Purchase 10/15/2008 400 $ 10.65
Purchase 10/15/2008 1,000 $ 10.65
Purchase 10/15/2008 1,000 $ 10.65
Purchase 10/15/2008 1,000 $ 10.65
Purchase 10/15/2008 2,000 $ 10.65
Purchase 10/15/2008 2,900 $ 10.65
Purchase 10/15/2008 3,000 $ 10.65
Purchase 10/15/2008 3,000 $ 10.65
Purchase 10/15/2008 3,900 $ 10.65
Purchase 10/15/2008 4,000 $ 10.65
Purchase 10/15/2008 4,000 $ 10.65
Purchase 10/15/2008 4,100 $ 10.65
Purchase 10/15/2008 4,100 $ 10.65
Purchase 10/15/2008 4,100 $ 10.65
Purchase 10/15/2008 4,100 $ 10.65
Purchase 10/15/2008 4,100 $ 10.65
Purchase 10/15/2008 4,200 $ 10.65
Purchase 10/15/2008 4,200 $ 10.65
Purchase 10/15/2008 4,200 $ 10.65
Purchase 10/15/2008 4,200 $ 10.65
Purchase 10/15/2008 4,200 $ 10.65
Purchase 10/15/2008 4,300 $ 10.65
Purchase 10/15/2008 4,400 $ 10.65
Purchase 10/15/2008 4,400 $ 10.65
Purchase 10/15/2008 4,400 $ 10.65
Purchase 10/15/2008 4,400 $ 10.65
Purchase 10/15/2008 4,400 $ 10.65
Purchase 10/15/2008 4,500 $ 10.65
Purchase 10/15/2008 4,500 $ 10.65
Purchase 10/15/2008 4,500 $ 10.65
Purchase 10/15/2008 4,700 $ 10.65
Purchase 10/15/2008 4,700 $ 10.65
Purchase 10/15/2008 4,800 $ 10.65
Purchase 10/15/2008 4,800 $ 10.65
Purchase 10/15/2008 4,900 $ 10.65
Purchase 10/15/2008 4,900 $ 10.65
Purchase 10/15/2008 5,000 $ 10.65
Purchase 10/15/2008 5,000 $ 10.65
Purchase 10/15/2008 5,000 $ 10.65
Purchase 10/16/2008 1,000 $ 9.86
Purchase 10/16/2008 2,000 $ 9.86
Purchase 10/16/2008 2,000 $ 9.86
Purchase 10/16/2008 2,100 $ 9.86
Purchase 10/16/2008 5,200 $ 9.86
Purchase 10/16/2008 5,200 $ 9.86
Purchase 10/16/2008 5,400 $ 9.86
Purchase 10/16/2008 5,400 $ 9.86
Purchase 10/16/2008 5,500 $ 9.86
Purchase 10/16/2008 5,500 $ 9.86
Purchase 10/16/2008 5,500 $ 9.86
Purchase 10/16/2008 5,600 $ 9.86
Purchase 10/16/2008 5,600 $ 9.86
Purchase 10/16/2008 5,700 $ 9.86
Purchase 10/16/2008 5,800 $ 9.86
Purchase 10/16/2008 5,900 $ 9.86
Purchase 10/16/2008 5,900 $ 9.86
Purchase 10/16/2008 5,900 $ 9.86
Purchase 10/16/2008 5,900 $ 9.86
Purchase 10/16/2008 6,000 $ 9.86
Purchase 10/16/2008 6,200 $ 9.86
Purchase 10/16/2008 6,200 $ 9.86
Purchase 10/16/2008 6,200 $ 9.86
Purchase 10/16/2008 6,300 $ 9.86
Purchase 10/16/2008 6,400 $ 9.86
Purchase 10/16/2008 6,600 $ 9.86
Sale 10/17/2008 312 $10.05
Fairholme Funds, Inc.
Purchase/Sale Date of Number of Price per
Transaction of Shares Share
Purchase 8/20/2008 81,500 $ 15.30
Purchase 8/21/2008 62,500 $ 15.70
Purchase 8/22/2008 31,600 $ 16.01
Purchase 8/25/2008 117,100 $ 15.99
Purchase 8/26/2008 139,000 $ 15.87
Purchase 8/27/2008 1,000 $ 16.00
Purchase 8/29/2008 45,700 $ 16.09
Purchase 9/2/2008 156,000 $ 16.43
Purchase 9/3/2008 30,300 $ 16.46
Purchase 9/4/2008 210,900 $ 15.93
Purchase 9/5/2008 396,200 $ 15.98
Purchase 9/11/2008 56,700 $ 15.98
Purchase 9/12/2008 10,300 $ 16.00
Purchase 9/15/2008 82,500 $ 15.66
Purchase 9/17/2008 27,400 $ 15.24
Purchase 9/18/2008 90,200 $ 15.03
Purchase 9/24/2008 16,900 $ 14.69
Purchase 9/25/2008 37,000 $ 14.76
Purchase 9/26/2008 12,100 $ 14.50
Purchase 9/29/2008 19,400 $ 14.41
Purchase 9/30/2008 2,600 $ 13.96
Purchase 10/1/2008 153,200 $ 13.95
Purchase 10/2/2008 75,700 $ 13.43
Purchase 10/3/2008 249,700 $ 13.22
Purchase 10/6/2008 233,200 $ 11.44
Purchase 10/7/2008 95,100 $ 11.43
Exhibit C
Fairholme Capital Management, L.L.C.
4400 Biscayne Boulevard
Miami, FL 33137
(305) 358-3000
October 20, 2008
United Rentals, Inc.
Five Greenwich Office Park
Greenwich, Connecticut 06831
Attention: Board of Directors
Ladies and Gentlemen:
Fairholme Capital Management, L.L.C. is a Delaware limited liability company and
registered investment advisor. We have read the Current Report on Form 8-K filed
with the Securities and Exchange Commission on October 16, 2008 by United
Rentals Inc., a Delaware corporation (the "Company"), and are troubled that the
Board of Directors (the "Board"), with little ownership, unilaterally and
without meaningful explanation, determined to amend the Company's Rights
Agreement ("Rights Agreement") to, among other things, modify the definition of
"Acquiring Person" contained therein and, consequently, materially reduce the
"flip-in" percentage and all related beneficial ownership "trigger event"
thresholds from 25% to 15%.
The directors' decision to amend the Rights Agreement in the manner adopted,
runs counter to the Board's fundamental duties, as careful, loyal and faithful
fiduciaries of the Company's public stockholders -- the true owners of the
Company. We believe that the Board is obliged, more than ever in the prevailing
economic environment, to vigilantly protect the economic interests of its
stockholders and to pursue and enable all viable transactions to enhance and
maximize stockholder value. The Rights Agreement as now amended is an
unnecessary and unreasonable barrier to that obligation.
We find it particularly disturbing that the Board chose to substantively amend
the Rights Agreement in this manner at a time when the majority of large public
companies have entirely eliminated their "poison pills" and dismantled other
structural and organic takeover defenses and entrenchment devices.
While we recognize the Board's technical ability to amend the Rights Agreement,
we also do not believe that the exercise of unilateral authority in this context
is a prudent business judgment.
In addition, we suspect that the amendment to the Rights Agreement is similarly
unacceptable to your most significant stockholders who have supported the
Company when recent, past, corporate decisions have been less than stellar.
In our view, it is most inappropriate for the Company's management and directors
to entrench themselves and deter potential offers and proposals from being made
directly to the Company's stockholders, which may offer an attractive control
premium or business combination opportunity.
Moreover, even a significant percentage of the ever-vanishing minority of
Fortune 500 and S&P 500 issuers who still maintain in effect a stockholder
rights plan have included in their rights agreements "permitted offer
exceptions," "qualified offer" provisions and other chewable features. Many
others have included "sunset clauses."
Accordingly, we believe that the amendment to the Rights Agreement is
inconsistent with Risk Metrics' (ISS') voting policy recommendations in addition
to being unreasonable, unfair and entirely inconsistent with the best corporate
governance practices and policies that the Company should aspire to establish
and maintain.
We look forward to your response.
Yours faithfully,
Bruce Berkowitz
Managing Member, Fairholme Capital Management, L.L.C.
SK 22146 0001 929587