Clayton, Dubilier & Rice Buys $125 Million Worth of Hertz Stock

July 10, 2009
Clayton, Dubilier & Rice, a private equity group and part owner of Hertz Corp., last week spent $125 million to acquire 20.1 million shares in a public offering, becoming the company’s largest shareholder with 58 million shares. CD&R now has a 15.4-percent stake of the Park Ridge, N.J.-based firm, which includes the rental industry’s fourth largest company, Hertz Equipment Rental Corp.

Clayton, Dubilier & Rice, a private equity group and part owner of Hertz Corp., last week spent $125 million to acquire 20.1 million shares in a public offering, becoming the company’s largest shareholder with 58 million shares. CD&R now has a 15.4-percent stake of the Park Ridge, N.J.-based firm, which includes the rental industry’s fourth largest company, Hertz Equipment Rental Corp.

Before the stock acquisition, CD&R owned the fourth largest share of Hertz.

In late June, Hertz gave better-than-expected second-quarter earnings guidance, and will announce its second-quarter earnings results later this month.

HERC is No. 4 on the RER 100.