Jana Partners Moving In On Hertz Global Holdings

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Jana Partners Moving In On Hertz Global Holdings
Image source: Bloomberg Video Screenshot

After just fending off activist investor Carl Icahn by offering three seats on the board of directors, Hertz is apparently now in the sights of Jana partners. In a regulatory filing on Monday, October 29th, activist investing firm Jana Partners announced it had acquired a 7% stake in Hertz Global Holdings, Inc. (NYSE:HTZ). According to the 13-D filing filing, Jana Partners now owns more than 32 million shares at an aggregate purchase price of approximately $579 million. Jana Partners believes that “shares are undervalued and represent an attractive investment opportunity.”

Jana Partners plans

The 13-D filing today noted that Jana Partners is planning to continue discussions with Hertz management and investors in an attempt to create additional shareholder value. The firm also said it may develop plans to pursue stakeholders to engage in “extraordinary transactions” including a merger or proposing new directors for the company’s board of directors.

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Recent Hertz battle with Carl Icahn

Of note, Hertz Global Holdings, Inc. (NYSE:HTZ) management just finished off a protracted struggle with activist Carl Icahn a month ago by agreeing to add three of Icahn’s nominees to its BoD. Linda Fayne Levinson, the independent non-executive chair of Hertz Global Holdings, Inc. (NYSE:HTZ), said that the board of directors believe that the agreement with Icahn and his affiliates is in the best of the company and its shareholders.

“This agreement eliminates distraction and ensures that we stay sharply focused on delivering the significant potential of the business. We will continue to take the necessary actions to fix the business. We look forward to executing on our strategic imperatives to create value for all our shareholders,” said Fayne.

Hertz Global Holdings, Inc. (NYSE:HTZ) is up over 5% on Monday on the news, with shares trading at $21.50 as of 11:36 AM ET.

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