Hertz Tumbles After Top Holder Icahn Slashes Stake Overnight
(Bloomberg) -- Hertz Global Holdings Inc. is having its worst session of 2019 after a sale by its top holder sent shares tumbling.
Carl Icahn this morning disclosed that he sold about 5 million Hertz shares on Monday, after people familiar with the matter told Bloomberg that Morgan Stanley was lining up buyers to unload a total of 5 million shares. The sale priced at $19.60 per share, nearly a 2 percent discount to the Hertz's last closing price. Shares dropped by as much as 13 percent intraday on Tuesday, the most since October.
Although Icahn still holds more than 24 million Hertz shares, a trader said the sale could be interpreted as a reduced likelihood that the rental car company finds a buyer. The activist investor's stake in Hertz, more than 30 percent of shares outstanding, helped fuel unconfirmed M&A speculation.
To contact the reporter on this story: Drew Singer in New York at dsinger28@bloomberg.net
To contact the editors responsible for this story: Courtney Dentch at cdentch1@bloomberg.net, Steven Fromm, Sebastian Silva
©2019 Bloomberg L.P.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
