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Hertz Stock Soars After Investor Carl Icahn Reportedly Buys Up to 40 Million Shares

Jan 03, 2014 3:00 pm

Skift Take

Share prices tend to rise when Carl Icahn is on board, and perhaps Hertz shareholders are smelling blood in the water.

— Samantha Shankman

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Chip East  / Reuters

Investor Carl Icahn speaks at the Wall Street Journal Deals & Deal Makers conference at the New York Stock Exchange in this June 27, 2007 file photograph. Chip East / Reuters


Hertz Global Holdings Inc. climbed to a record after CNBC reported that billionaire Carl Icahn bought as many as 40 million of the car-rental company’s shares.

The shares rose 1.9 percent to $29.22 at 11:32 a.m. in New York. Earlier, they reached $29.81, the highest intraday price since Hertz’s November 2006 initial public offering.

Hertz, the largest publicly traded U.S. rental-car company, on Dec. 30 said it adopted a shareholder rights plan after seeing “unusual and substantial activity” in its stock. CNBC today reported that Icahn may have acquired 30 million to 40 million shares in the Park Ridge, New Jersey-based company.

Assuming that position, Icahn would be Hertz’s second- biggest shareholder after Wellington Management, which had 41 million shares for a 9.2 percent stake as of Sept. 30, according to data compiled by Bloomberg.

Editors: John Lear and Niamh Ring.

To contact the reporter on this story: Niamh Ring in New York at nring@bloomberg.net. To contact the editor responsible for this story: Jamie Butters at jbutters@bloomberg.net.

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