Activist investor Carl Icahn bought 38.8 million shares in the troubled Hertz, which represents an 8.48% stake in the company. The company has received criticism on Wall Street lately over the CEO’s failure to unlock value through a spin-off. Many believe that Icahn, as an activist investor, might remedy the problems at Hertz.
Icahn said he feels the shares are “undervalued” but makes no bones about the reasons why. Icahn intends to “have discussions with the management, the board of directors, relating to shareholder value, accounting issues, operational failures, underperformance relative to its peers and his lack of confidence in management.”
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The stock has risen 23% in the last year, but many feel that Avis does better with having to try harder.
