Hertz Rises on New $2 Billion Share Buyback Program (1)

Hertz Global Holdings said the board has authorized a share repurchase program of up to $2 billion of the company’s outstanding common stock.

• The repurchase program is effective immediately and will initially comprise the remaining $200 million that was authorized for repurchase at the time of Hertz’s offering and listing on the Nasdaq
• Hertz will be able to pursue the balance of the authorized amount upon completion of its previously disclosed tender offer and consent solicitation with respect to its outstanding Series A Preferred Stock
• Apollo, as holder of a majority of the outstanding Series A Preferred Stock, agreed on ...