Shares of Hertz Global (HTZ) have jumped in after-hours trading after the rental-car company said that it had reached an agreement with Carl Icahn to add three new members to its board.
AP From the Hertz press release:
Hertz Global Holdings, Inc. (NYSE: HTZ) ("Hertz" or "the Company") today announced that it has reached an agreement-in-principle with Carl C. Icahn and affiliated entities (collectively, "Icahn") to appoint Vincent J. Intrieri, Samuel Merksamer and Daniel A. Ninivaggi to the Company's Board of Directors as new independent directors. In connection with the anticipated director appointments, three existing directors will retire from the Board, effective upon the appointments of the new directors to the Board. In this connection, Icahn has agreed not to run a proxy contest at the Company's 2015 Annual Meeting of Shareholders and to vote in favor of the Company's nominees at the Annual Meeting. Two of the new directors will be part of the five-person search committee leading the process to find a permanent Chief Executive Officer of Hertz. Following the contemplated appointments and retirements, Hertz will have a nine-person Board, with the Board expanded to 10 directors upon the appointment of a permanent Chief Executive Officer. Under the agreement-in-principle, the Company's shareholder rights plan will be amended to increase the triggering percentage to 20% and to implement other changes. The agreement-in-principle remains subject to negotiation and execution of definitive documentation.
Shares of Hertz have gained 1.8% to $28.24 at 4:21 p.m. in after-hours trading. It rose 0.2% to $27.75 during market hours today.
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