| Ford Motor Company and The Hertz Corporation have announced an agreement for Ford to acquire all the publicly-held shares of common stock of Hertz.
Ford currently owns about 81.5 percent of the outstanding shares of Hertz, and public shareholders own the remaining 18.5 percent.
“We’re pleased to have reached this agreement with the Hertz special committee and board. As we had said, acquiring the minority interest of Hertz reinforces our strategy of becoming the world’s leading consumer company for automotive products and services,” said Henry Wallace, Ford Group Vice President and CFO.
The transaction will be structured as a cash tender offer for all of the approximately 20 million outstanding public shares of Hertz. Following completion of the tender offer, Ford will acquire any remaining publicly held shares of Hertz through a merger transaction. The companies expect the closing to occur no later than early second quarter 2001. | 