Hertz Shares Rise After Carl Icahn Boosts Stake
June 07 2016 - 10:10AM
Dow Jones News
Activist investor Carl Icahn boosted his stake in car rental
company Hertz Global Holdings Inc. ahead of a planned separation of
its car-rental and equipment-rental businesses.
Shares rose 2.8% to $11.07 in premarket trading as Mr. Icahn
raised his stake to 15.24% from 15.01%, according to regulatory
filings.
According to the filings, Mr. Icahn bought 983,929 shares last
week, raising his total to 64.7 million shares.
According to FactSet, Mr. Icahn started building his stake in
August of 2014 when shares were priced at more than $20.
On Monday, Hertz detailed the planned separation of its
car-rental and equipment-rental businesses. Shareholders with 15
shares will end up with three shares in the car-rental business and
one share in the equipment-rental business when the deal is
completed.
The company announced that two people associated with activist
investor Carl Icahn would be on the board of the equipment
renter.
Three associates of Mr. Icahn now serve on Hertz's nine member
board.
Hertz, which operates its namesake brand as well as Dollar and
Thrifty, has been trying to turn things around. In recent years,
the company has named a new chief executive and restated years of
results.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
June 07, 2016 09:55 ET (13:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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