Hertz Global (HTZGQ) Stock Almost Doubled last Week: What’s The Buzz?

Over the course of the past weeks, the bankrupt car rental company had been the target of a massive bidding war between two groups of investors and this past week, the issue was finally resolved.

Hertz Global (HTZGQ) Stock Almost Doubled last Week: What’s The Buzz?

On May 11, it emerged that the consortium headed by Certares Management and Knighthead Capital Management had been chosen by Hertz Global Holdings Inc (OTCMKTS:HTZGQ) for taking it out of bankruptcy. That lit a fire to the Hertz stock as well and ended up clocking gains of as much as 95% over the course of the week.

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This is, without a doubt, a major development for the car rental company. The offer from the group gives Hertz an enterprise value of as much as $7.43 billion. However, more importantly, the existing shareholders in the company are going to get $8 a share once the transaction is completed. It now remains to be seen if the stock can continue to rally this week.

Jack Dawkins

Finance and Tech Contributor