Hijacking Hertz Shareholders

All that stands between Ford and this abusively low buyback offer: Three board members who hold only 6,000 shares

Ford (F) doesn't need another PR problem right now. But that's just what it deserves after offering recently to buy out public investors in its Hertz car-rental unit for $30 a share. It's an abusively low bid--I'll explain why in a moment--that erodes Ford's credibility when the Explorer debacle demands that it instead rebuild public trust. To small investors, Ford's move also serves as a sharp reminder: Pick your business partners with care.

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