CNBC's David Faber is reporting that activist investor Carl Icahn is believed to have bought 30-40 million shares of Hertz on swap, and the stock is getting a nice lift.
Right now, shares are up 2.6%.
The chart below shows that the car rental company's stock has broken out in recent days following December 30 reports that the Hertz board adopted a "poison pill" against a hostile takeover. Hertz said it will issue one preferred share right for each current share at the close of trading on January 9, and initiatives include evaluating potential changes to the company's operating structure.
The move came after the company observed unusual and substantial share activity, but was not in response to any specific takeover bid.
On December 31, CNBC reported that Dan Loeb's Third Point hedge fund had taken a position in Hertz amounting to less than 5% of the company, and that activist investor Keith Meister's Corvex Capital had also added to his Hertz position and had met with company management a few weeks prior.
Needless to say, there's been a lot of interest in this stock in the past few days.
See Also:BEACONS: What They Are, How They Work, And Why Apple's iBeacon Technology Is Ahead Of The Pack GOOGLE'S DIRTY SECRET: Android Phones Are Basically Used As DumbphonesHow Advertisers Make Super-Hot Actresses Look More Like Real People In Commercials