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Exhibit 99.3
UNITED RENTALS, INC.
Five Greenwich Office Park
Greenwich, CT 06831
September 6, 2007
CONFIDENTIAL
Mr. Stephen A, Feinberg
Cerberus Capital Management, L.P.
299 Park Avenue
New York, NY 10171
Dear Steve:
We
have not met, but with Brad Jacobs stepping down from United
Rentals, Inc.’s board I wanted to introduce myself. The board
has asked me to oversee the completion of our transaction with
Cerberus. In that connection, I wanted to address with you the
recent calls and letter that we received from Cerberus’s
acquisition vehicle, RAM Holdings, Inc., asking for a discussion
with URI about the terms of the merger agreement.
As
our advisors previously communicated to your colleagues, Steven
Mayer and Mike Green, there is no basis for any discussion
regarding changes to the merger agreement. The sole basis cited in
the letter is your organization’s “concerns about
recent unanticipated developments in the credit and financial
markets.” We fail to see how these developments have any
relevance to our negotiated transaction, as their impact is
expressly carved out of the merger agreement. Section 3.1 of the
merger agreement, for example, is clear that “facts,
circumstances, events, changes, effects or occurrences ...
generally affecting the economy or the financial, debt, credit or
securities markets in the United States...” do not excuse
RAM’s performance under our agreed-upon transaction.
Moreover, RAM has committed debt financing which by its terms is
not conditioned on the developments referenced in your team’s
letter.
&nbs
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