Hertz Global Holdings Inc., the second-largest U.S. rental-car company, declined the most in more than five weeks after three investors sold 50 million of its shares.
The stock of Park Ridge, New Jersey-based Hertz fell
1.9 percent to $15.90 at the close in New York, the largest one-day slide since Nov. 2.
Investment funds associated with Clayton, Dubilier & Rice LLC, Carlyle Group and Bank of America Corp. sold the stock to JPMorgan Chase & Co. as underwriter for a public offering of the shares, Hertz said in a statement yesterday after trading closed. The three investors will still own about 110 million shares, or 26 percent of the total outstanding, Hertz said.
Hertz last month acquired Dollar Thrifty Automotive Group Inc. for $2.6 billion to solidify its position as No. 2 in the industry, ahead of Avis Budget Group Inc. Enterprise Holdings Inc., which operates the Enterprise, Alamo and National brands, is the biggest.