McGrath Confirms Agreement to Terminate Pending Merger with WillScot

McGrath RentCorp (“McGrath” or the “Company”) (Nasdaq: MGRC), a leading business-to-business rental company in North America, today confirmed that WillScot Holdings Corporation (“WillScot”) (Nasdaq: WSC) and the Company mutually agreed to terminate their previously announced merger agreement. In accordance with the terms of the merger agreement, McGrath is receiving a termination fee of $180 million.

Joseph Hanna, President and Chief Executive Officer of McGrath, said: “Modular and portable storage solutions is a dynamic industry and, as we move forward, we will continue to grow and succeed through our unrelenting commitment to putting the customer first. The proposed transaction was a recognition of the enormous value created by our talented employees. Now, our team is energized and ready to execute our standalone strategy, and I am proud of the focus and tenacity the McGrath team demonstrated throughout this process. I look forward to actively engaging with our customers, partners and the financial community as we showcase the strategy that will lead McGrath’s future success. Moreover, we have always been focused on generating shareholder value as demonstrated by 33 consecutive years of dividend return increases and remain dedicated to this important objective going forward.”

McGrath’s strategic focus on our modular and portable storage growth opportunities will continue. We believe in our multi-year opportunity to bring additional value to our customers through expanded service offerings, including Mobile Modular Plus, Site Related Services and new modular equipment sales. In addition, we are committed to continuing to increase our customer base and geographic coverage. The McGrath team has demonstrated a track record of solid execution, which will be a strength as we pursue these opportunities.

Moving forward, we remain committed to building long-term shareholder value through sound strategic focus, disciplined capital allocation and consistent execution. In addition, the Company’s Board has authorized an increase in the common stock repurchase plan to 2 million shares. The amount and time of the specific repurchases are subject to prevailing market conditions, applicable legal requirements, the Company’s insider trading policy and other factors, including management’s discretion.