Hertz Global Holdings Inc said it would spin off its equipment rental business, aiming to raise $2.5 billion to repay debt and focus on its car rental business.Hertz, the No. 2 U.S. car rental company behind privately owned Enterprise Rent-A-Car, has been under pressure from investors to shed the business, which rents equipment ranging from small tools to heavy earth movers.Hertz shares rose 2 percent before the bell on Tuesday.The company put in place a poison pill in December to ward off any takeover attempts at a time when activist investors such as Daniel Loeb's Third Point Capital were picking up stakes in the company.
Hertz Global Holdings, Inc. (Hertz Holdings) is a holding company. Shares of HTZ traded higher by 4.77% or $1.24/share to $27.22. In the past year, the shares have traded as low as $19.73 and as high as $29.81. On average, 9300310 shares of HTZ exchange hands on a given day and today's volume is recorded at 20686024.
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