Consumer Business Update: Hertz INITIATES Dollar Offer, GM & Ford’s New China TROUBLES
Hertz Global Holdings, Inc. (NYSE:HTZ) has finally initiated its tender offer to acquire Dollar Thrifty Automotive Group, Inc. (NYSE:DTG), which in effect starts a merger process that has been building for years. The acquisition price of $87.50 per share was announced last week.
Sears Holdings Corporation (NASDAQ:SHLD) has set Tuesday as the day when shareholders will have a subscription option to buy shares of Sears Hometown and Outlet Stores. The exercise price of subscription rights will be at $15.00 per share of Sears Hometown.
General Motors Company (NYSE:GM) and Ford Motor Company (NYSE:F) will feel the impact of new figures from China, that report a 3.7 percent fall in auto sales growth, according to a government-sanctioned trade group there. Both companies reported a quickened sales rate in August, but the current slowdown will now affect Chinese brands the most. A further cause of trouble for the companies in the future will be new anti-pollution regulations in that country, which will limit new vehicle registrations in more of its cities.
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