Hertz's PE Backers To Divest $1.2B In Shares

Law360, New York (May 7, 2013, 1:25 PM EDT) -- The private equity backers of Hertz Global Holdings Inc. will sell their entire stakes in the New Jersey rental car company on the open market and could reap up to $1.24 billion from the divestment, Hertz said Monday.

Hertz announced after the market closed that Clayton Dubilier & Rice LLC, The Carlyle Group LP and Bank of America Merrill Lynch have retained Goldman Sachs & Co. to sell roughly 49.8 million shares of Hertz on the New York Stock Exchange.

Hertz's closing price Monday was $24.96....
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