In a Securities and Exchange Commission filing on Monday, Jana Partners, an activist investment firm, raised its stake in Hertz Global Holdings to 7%, up from 1.3% at the end of June. The stock purchase makes Jana Partners the rental company's second-largest shareholder to Carl C. Icahn.
In the filing, Jana Partners reported it “believes the Shares are undervalued and represent an attractive investment opportunity.” The filing also stated the company “has had and may continue to have discussions with the Issuer’s board of directors and management regarding management succession and board composition,” as well as “seek to discuss other topics with the Issuer’s board of directors and management including capital allocation, strategy and future plans.”
The move by Jana Partners comes weeks after Hertz approved Icahn’s board of director picks.
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