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BLOOMBERG
Hertz Global Holdings Inc. picked Knighthead Capital Management and Certares Management to buy the company out of bankruptcy, capping a dramatic brawl for control of the car renter as travel rebounds, according to people with knowledge of the matter.
The company selected a bid from the firms over a competing group led by Centerbridge Partners, Warburg Pincus and Dundon Capital Partners, the people said, asking not to be identified discussing private plans. The winning plan would hand shareholders value of around $8 a share, made up of about $240 million in cash and warrants for nearly 20 percent of the reorganized equity, they added.
Hertz Bidding War Builds as Centerbridge Preps New Counteroffer
May 07 2021, 10:11 AM
May 07 2021, 2:27 AM
May 07 2021, 10:11 AM
(Bloomberg) A group of investment firms including Centerbridge Partners is preparing a new offer to buy Hertz Global Holdings Inc. out of bankruptcy, setting up a final showdown over the company in an auction next week.
(Bloomberg) A group of investment firms including Centerbridge Partners is preparing a new offer to buy Hertz Global Holdings Inc. out of bankruptcy, setting up a final showdown over the company in an auction next week.
The group, led by Centerbridge, Warburg Pincus and Dundon Capital Partners, plans to sweeten a previous offer that was surpassed by a plan from Knighthead Capital Management and Certares Management, according to people with knowledge of the matter who asked not to be named because the bid isnât yet public. Terms of the new bid couldnât immediately be learned, but any exit plan would be subject to bankruptc