Over the course of the past three weeks, the Hertz Global Holdings Inc (OTCMKTS:HTZGQ) stock has managed to clock gains of 210% and the rally continued this morning.
The stock has jumped by another 25% today after the car rental company announced that an offer from Certares Management and Knighthead Capital Management to buy it from out of bankruptcy has trumped another offer.
The announcement could send the heated bidding for the car rental company to new heights as investors scramble to get hold of the company amidst a rebound in the travel sector.
Now that this offer has been made, the current reorganization partner for Hertz, a group headlined by Centerbridge Partners, would also have to come up with a new plan if they want to acquire the company. If a counteroffer does come in, then Hertz is going to hold an auction on May 10. Centerbridge can send in an offer up until May 7.
HTZGQ stock is up 23.20% at $3.77 after hitting a session high of $3.98.
Finance and Entertainment Reporter
Richard is a bottle of wine – the older the sweeter. He has already found the sweetest hobby in writing entertainment and finance news for Own Snap. Readers get the updated posts regularly from him searching for real-time news.