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Hertz announces $2 billion share repurchase program

Estero-based Hertz Global Holdings Inc. announced Monday that its board of directors has authorized a share repurchase program of up to $2 billion of the company’s outstanding common stock. The repurchase program is effective immediately and will initially comprise the remaining $200 million that was authorized for repurchase at the time of the company’s offering and listing on NASDAQ. Hertz will be able to pursue the balance of the authorized amount upon completion of its previously disclosed tender offer and consent solicitation with respect to its outstanding Series A Preferred Stock, as long as holders of a majority of the stock series tender such shares in the offer or consent to certain amendments to the stock. The program has no time limit, the share repurchase authorization does not obligate the company to acquire any particular amount of common stock and the program can be discontinued at any time, according to a Hertz news release.

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