Hertz shares up on ‘poison pill’ plan

Hertz Global Holdings rose to a record high after the largest publicly-traded US rental-car company said it adopted a so-called poison pill upon seeing “unusual and substantial activity” in its stock.

Hertz shares climbed 8.3% to $28.06 (€20.36). The board voted unanimously for the one-year shareholder-rights plan, which Hertz said wasn’t adopted in response to any specific takeover bid or proposal to acquire the company, according to a statement yesterday.

Dan Loeb’s Third Point LLC has taken a stake in Hertz and does not intend to take an activist role, CNBC said.