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Done main­ly to bol­ster Hertz stock val­ue & mar­ket cap
Car rental com­pa­ny stocks, even Hertz, weak for past 18 months
Excel­lent deal for Hertz — should still retain auton­o­my as they did before under Ford own­er­ship
Hertz stock reached high of $60 per share in May 1999
Ford will buy Hertz’s shares back for $710M, or $35.50 per share
Buy­ing back remain­ing 18.5% of Hertz spun off April 1997 on NYSE
Price is pre­mi­um of 46% over pre-offer price of Hertz shares, & 18% increase over orig­i­nal offer made in Sept