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Hertz Global Holdings, Inc.
("Hertz Holdings") announced today the sale of an aggregate of
60,050,777 shares of common stock of Hertz Holdings by investment funds
associated with Clayton, Dubilier & Rice, LLC ("CDR"), The Carlyle Group
("Carlyle") and BofA Merrill Lynch ("Merrill Lynch" and, together with CDR and
Carlyle, the "Sponsors") to Citigroup and Barclays Capital Inc. as the
underwriters in the registered public offering of those shares. The shares are
being sold on a pro rata basis by these investment funds, which are existing
stockholders of Hertz Holdings, in accordance with their current ownership
interests, except that ML Global Private Equity Fund, L.P. and ML Hertz
Co-Investor, L.P., two of the investment funds associated with Merrill Lynch,
are each selling all of the shares of Hertz Holdings common stock they
currently hold of record.
The last reported sale price of Hertz Holdings' common stock on March 6, 2013
was $20.34 per share. Citigroup and Barclays Capital Inc. propose to offer
for sale the shares of common stock that are not repurchased by Hertz Holdings
from time to time in one or more transactions on the New York Stock Exchange,
in the over-the-counter market, through negotiated transactions or otherwise
at market prices prevailing at the time of sale, at prices related to
prevailing market prices or at negotiated prices, subject to receipt and
acceptance by them and subject to their right to reject any order in whole or
in part.
Subject to completion of the offering, Hertz Holdings will repurchase from the
underwriters 23,200,000 of the 60,050,777 shares of common stock being sold by
the selling stockholders. Hertz Holdings' per-share purchase price will be the
same as the per-share purchase price payable by Citigroup and Barclays Capital
Inc. to the selling stockholders.
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