Tags: Hertz | Avis | Third Point | stake

Daniel Loeb's Third Point Takes Less Than 5 Percent Stake in Hertz

Tuesday, 31 December 2013 01:18 PM EST

Activist investor Daniel Loeb's Third Point Capital LLC has taken a stake of less than 5 percent in Hertz Global Holdings Inc., the second largest U.S. car rental company, CNBC reported.

Hertz shares rose as much as 9 percent on Tuesday morning.

The company said on Monday that it had adopted a "poison pill" plan after observing "unusual and substantial activity" in its shares.

The shareholder rights plan will be activated if any person or group acquired 10 percent or more of Hertz's stock.

Third Point was not immediately available for comment.

The fund, which owns a 7.48 percent total stake in Sony Corp., has been pushing for the electronics giant to partially spin off its lucrative entertainment business.

Third Point also invested $1 billion in Softbank Corp. in November.

Hertz shares were up 8 percent at $28.07 on the New York Stock Exchange.

The stock had risen 58 percent this year to Monday's close, while shares of rival Avis Budget Group Inc. almost doubled in the period.

© 2024 Thomson/Reuters. All rights reserved.


InvestingAnalysis
Activist investor Daniel Loeb's Third Point Capital LLC has taken a stake of less than 5 percent in Hertz Global Holdings Inc., the second largest U.S. car rental company, CNBC reported.
Hertz,Avis,Third Point,stake
168
2013-18-31
Tuesday, 31 December 2013 01:18 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved