The bid is said to have come from Volkswagen AG and would have valued the rental company at about €2.2 billion ($2.6 billion).
In a potentially rare outcome in a corporate bankruptcy, the revised plan if accepted will amount to a recovery of 60 to 70 cents a share for stockholders.
The new bid values Hertz at $6.2 billion and would pay unsecured bondholders in full.
Hertz chose the renegotiated proposal over a competing one from Certares and Knighthead Capital. The plan keeps Hertz on track to exit Chapter 11 in June.
Hertz received $891 million in cash for the sale of the fleet management company.
The buyers, Knighthead Capital Management and Certares Management, would take at least a majority share and as much as 100% of the company. The proposed plan would pay in full all of Hertz's existing first- and second-lien debt and provide a 70% cash recovery to general unsecured creditors.
Navotar, a Canadian-based car rental software provider, is joining Valsoft Corp. Inc., a company specializing in the development of vertical market software business. This is the third car rental software company acquired by Valsoft.
Stellantis, the merger between Fiat Chrysler Automobiles and Groupe PSA, will “embrace electrification, connectivity, autonomous driving, and shared ownership,” the company said.
The deal, valued at about $2.18 billion, faces antitrust scrutiny as it reduces the largest players in the market from three to two.
Zoox started in 2014 with the vision of purpose-built, zero-emissions vehicles designed for autonomous ride-hailing, along with an end-to-end autonomy software stack.
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