By D.R. STEWART World Staff Writer on Jan 30, 2013, at 2:18 AM Updated on 1/30/13 at 8:02 AM
As executives at Hertz Global Holdings Inc. and Tulsa-based Dollar Thrifty Automotive Group Inc. work out the details of their $2.3 billion merger they agreed to in November, shares of Hertz on Tuesday hit a 52-week high of $18.73.
Hertz Chairman and CEO Mark Frissora was quick to cash in on the rising stock price, Securities and Exchange Commission filings show.
In documents filed Monday with the SEC, Frissora said he sold 120,000 shares of Hertz on Friday for $18 per share, or $2.16 million.
After the sale of the Hertz shares, Frissora indirectly owns 1.68 million shares of Hertz - worth $30.95 million at Tuesday's closing price - through the Mark P. Frissora Revocable Trust, SEC documents show.
Frissora directly owns 14,052 shares that are worth $258,557 at Tuesday's closing price, SEC filings say, and the Jennifer Frissora Revocable Trust holds 350,000 Hertz shares valued at $6.44 million, based on Tuesday's closing price, SEC documents show.
Hertz common stock held by Frissora's "Daughter," the agency filings say, total 785 shares valued at $14,444.
Between mid-summer and Hertz's announcement Nov. 20 it had completed the Dollar Thrifty acquisition, Hertz shares ranged between $10 and $14.72 a share.
In December, Hertz shares rose above $16 and kept rising to $18 this month.
Meanwhile, executives from both companies are evaluating how best to combine the various divisions of Dollar Thrifty with Park Ridge, N.J.-based Hertz, the nation's second-largest rental car operator.
In a recent email, Dollar Thrifty officials said the integration process is moving steadily toward some organizational and employment decisions in February.
"Dollar Thrifty and Hertz leadership teams are in the midst of evaluating how each business area will function most effectively as part of the combined companies and how they should be structured to support the future business strategy and objectives," Dollar Thrifty said. "We plan to finalize these high-level organizational designs for each business area in February. ...
"Following this, we will be evaluating employees from both companies, finalizing job descriptions and matching the right people to the right jobs for a revised overall company organizational structure. We have developed a rigorous and consistent process to ensure that all employees are evaluated fairly. Hertz's goal is to move as quickly as possible to reduce uncertainty for Dollar Thrifty employees. At the same time, Hertz does not want to sacrifice the thoughtfulness and quality of the process for speed."
In December, Dollar Thrifty CEO Scott Thompson and Chief Financial Officer Clifford Buster voluntarily resigned their positions as the company's top two executives, taking the option offered in the companies' merger agreement to leave the company 30 days after the acquisition was completed.
Hertz shares closed Tuesday at $18.40, down 18 cents.
Hertz shares hit 52-week high
Tuesday’s 52-week high: $18.73
Tuesday’s closing price: $18.40, down 18 cents
Hertz’s 52-week low price (July 26): $10.22
Source: New York Stock Exchange
D.R. Stewart 918-581-8451
don.stewart@tulsaworld.com
Original Print Headline: Shares of Hertz hit 52-week high
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