Carl Icahn Boosts Stake in Hertz Global Holdings to 10.77 Percent

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Carl Icahn Boosts Stake in Hertz Global Holdings to 10.77 Percent

Carl Icahn increased his position in Hertz Global Holdings, Inc. (NYSE:HTZ) based on his latest 13D filing with the Securities and Exchange Commission (SEC).

Details of the investment

Based on the filing, the activist investor currently owns 49,289,242 shares of 10.77% stake in Hertz Global Holdings, Inc. (NYSE:HTZ). In August, Icahn disclosed 8.4% stake or 38,800,000 shares in the company.

Icahn and his affiliates acquired approximately 10.48 million shares on November 24 and November 25 at a price of $24.34 and $24.92 per share, respectively.

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High River Limited Partnership acquired 910,000 shares on November 24 and 1,187,848 shares on November 25.

Icahn Partners LP bought 2,173,093 shares on November 24 and 2,823,790 shares on November 25. Icahn Partners Limited LP purchased 1,466,907 shares and 1,927,604 shares on November 24 and 25, respectively.

Hertz Global Holdings’ stock increased

The shares of Hertz Global Holdings, Inc. (NYSE:HTZ) closed $25.25 per share, up 3.65% on Tuesday, November 25 driven by Icahn’s filing.

In addition, the stock also benefited from the report that the company’s newly-appointed CEO John Tague bought 84,200 shares and director Linda Levinson purchased 5,000 shares yesterday.

Over the past month, the stock value of Hertz Global Holdings, Inc (NYSE:HTZ) gained more than 18%.

Hertz Global Holdings – Icahn’s comment on Tague’s appointment as CEO

Hertz Global Holdings, Inc. (NYSE:HTZ) announced the appointment of Tague as CEO. According to the company, Tague is a veteran in the travel and transportation industry with significant experience in complex turnarounds. He previously served as president and COO of United Airlines.

Icahn said, his team along with the other members of Hertz’ CEO Search Committee unanimously selected Tague to lead the company.

“I have been involved in a number of CEO searches during the last decade and have been quite impressed by the knowledge and imagination of a number of these candidates, many of whom have turned into very successful CEOs. I am happy to say that after listening to John’s ideas concerning Hertz and evaluating what he has accomplished at United, I believe he ranks at or near the top of the group,” said Icahn.

Meanwhile, Whitney Tilson, managing partner at Kase Capital recently stated that he was pleased and had a pleasant renting experience (as a customer and shareholder) at the Hertz counter in San Francisco last Wednesday.

 

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