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Hertz Global southern california bus tours Holdings Inc. ( NYSE:HTZ ), the largest publicly traded U.S. auto-rental chain, fell to the lowest in more than seven weeks after the US car rental southern california bus tours business warned it might have to restate the last three years financial results and it was undertaking a review of its financial reporting.
southern california bus tours The Park Ridge, New Jersey-based company also said its delayed first-quarter 2014 results were likely to be below consensus and that the accounting issues might delay plans to spin off its equipment rental southern california bus tours business.
Hertz s announcement comes as the company faces pressure from activist investors, including Dan Loeb, which prompted it to announce plans to spin off its equipment-hire business. The company said in March it expected to receive $2.5billion cash when it completed the spin-off early next year. Proceeds would be used to cut debt and launch a $1billion share buy-back.
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