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OFFON

HERTZ GLOBAL HOLDINGS, INC.

(HTZGQ)
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Knighthead, Certares sweetened bid values Hertz at over $6.2 billion: Bloomberg News

05/03/2021 | 12:35pm EDT
A logo of car rental company Hertz is seen on a building during the coronavirus disease (COVID-19) outbreak in Nice

(Reuters) - Knighthead Capital Management and Certares Management have sweetened an offer to buy Hertz Global Holdings Inc out of bankruptcy in a deal that gives the car rental firm an enterprise value of over $6.2 billion, Bloomberg News reported.

The proposal could see equity investors recover $2.25 a share, and Hertz will evaluate it to determine if it is higher than the one from its current reorganization sponsor, the report said https://www.bloomberg.com/news/articles/2021-05-03/hertz-gets-boosted-knighthead-offer-in-brawl-to-buy-car-renter?srnd=premium&sref=WJKVI5nK on Monday, citing people familiar with the matter.

The rival bidding group consists of investment firms Centerbridge Partners, Warburg Pincus and Dundon Capital Partners.

Hertz bondholders will be paid in full, while its shareholders will get a chance to own a bigger portion of the reorganized company, according to the report.

Knighthead will fund $2.2 billion of the deal, and private equity company Apollo Global Management has also committed $1.5 billion of preferred equity, the report said.

Hertz, Knighthead and Certares did not immediately respond to Reuters requests for comment.

Knighthead Capital Management and Certares Management's offer valued Hertz Global at $6.2 billion, the Wall Street Journal reported last month.

(Reporting by Shreyasee Raj in Bengaluru; Editing by Aditya Soni)


ę Reuters 2021
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Financials (USD)
Sales 2021 7 029 M - -
Net income 2021 -112 M - -
Net Debt 2021 13 140 M - -
P/E ratio 2021 -9,44x
Yield 2021 -
Capitalization 1 062 M 1 062 M -
EV / Sales 2021 2,02x
EV / Sales 2022 1,19x
Nbr of Employees 22 075
Free-Float 98,4%
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Hertz Global Holdings, Inc. Technical Analysis Chart | MarketScreener
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 2
Average target price 2,00 $
Last Close Price 6,80 $
Spread / Highest target -70,6%
Spread / Average Target -70,6%
Spread / Lowest Target -70,6%
EPS Revisions
Managers and Directors
NameTitle
Paul E. Stone President, Chief Executive Officer & Director
Kenny K. Cheung Chief Financial Officer & Executive Vice President
Henry R. Keizer Independent Non-Executive Chairman
Opal G. Perry Chief Information Officer & Executive VP
Vincent J. Intrieri Independent Director
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