January 3, 2014 / 4:45 PM / 4 years ago

Icahn has built up Hertz stake -CNBC

NEW YORK, Jan 3 (Reuters) - Billionaire investor Carl Icahn has acquired between 30 and 40 million shares in Hertz Global Holdings Inc and his stake-building was the reason the car rental company bolstered its takeover defenses, CNBC reported Friday, citing unidentified sources.

The business TV broadcaster also said part of Icahn’s stake took the form of derivatives rather than common shares.

Shares in Hertz, which on Monday said it had adopted a “shareholder rights” plan after observing “unusual and substantial activity” in its shares, were up 1.7 percent.

Icahn was not immediately available to comment.

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