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Hertz Adopts Shareholder Rights Plan

Hertz Global Holdings (NYSE:HTZ) adopted a one-year shareholder rights plan to ward off investors looking to amass a large stake in the car-rental giant.The company said the move stems from "unusual and substantial" trading activity. The so-called poison pill has a 10% trigger, reducing the chances that any individual shareholder or group can gain control of Hertz by buying up shares.Hertz added that although it doesn't comment on specific discussions with shareholders, the company "has had dialogue with a number of shareholders and welcomes their input towards the goal of enhancing shareholder value."The largest Hertz shareholder is Wellington Management Co., which has a stake of nearly 9.2%. Vanguard Group, Fidelity Management & Research Co. and T. Rowe Price Associates round out the top four holders.Shares of Park Ridge, N.J.-based Hertz jumped 8.9% to $28.22 late Tuesday morning.The stock added to earlier gains after a news report that Daniel Loeb's hedge fund, Third Point, took a ...

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