Jana Partners Discloses Stake in Hertz Global Holdings

Activist investor Jana Partners disclosed a seven percent stake in Hertz Global Holdings HTZ in a 13D filing on Monday morning. According to the regulatory filing, Jana Partners owns just over 32 million shares at an aggregate purchase price of approximately $579 million. Jana Partners believes that “shares are undervalued and represent an attractive investment opportunity.” Jana Partners intends to continue discussions with Hertz's management and investors to create additional shareholder value. The activist investor noted in the filing that it may pursue stakeholders to engage in “extraordinary transactions” such as a merger or proposing new directors for the company's board of directors. Shares of Hertz spiked higher in Monday's pre-market trading session to $22.00.