Larry Robbins‘ Glenview Capital is scaling down its investment in Hertz Global Holdings, Inc (NYSE:HTZ). According to a recently amended filing with the Securities and Exchange Commission, the fund currently holds 4.36 million shares, down from 6.6 million shares it held at the end of the third quarter. Glenview’s current position amounts to 5.26% of the company’s outstanding stock.
Hertz Global Holdings, Inc (NYSE:HTZ) recently announced the departure of its current CEO, John Tague, who is set to retire at the beginning of January. Mr Tague will be replaced by Kathryn Marinello, a senior adviser at Ares Management, a global asset management company. Billionaire investor Carl Icahn, who is the company’s biggest shareholder through his fund, Icahn Capital, said in a statement that Ms. Marinello has “a consistent track record of successes in consumer and financial services, as well as technology businesses.”
Under pressure from the rise of ride-sharing services, Hertz Global Holdings, Inc (NYSE:HTZ) recently entered into a partnership with Lyft to provide rental vehicles for drivers in certain cities. The company also revised its full-year guidance downward, leaving investors livid. While the consensus among Wall Street analysts was for $2.92 in earnings per share, Hertz said it expects earnings to range between just $0.51 and $0.88 per share.
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Hedge fund sentiment towards the company is rather upbeat, with the number of funds invested in it having risen to 43 at the end of September, from 38 recorded a quarter before. At the end of the third quarter, Carl Icahn held 12.9 million Hertz shares worth $519.6 million. Jonathon Jacobson‘s Highfields Capital Management also held a sizable position at the end of the quarter, having reported ownership of 2.4 million shares, though this was down by 63% from the end of June.
You can access the original SEC filing by clicking here.
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Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| GLENVIEW CAPITAL MANAGEMENT | 0 | 4,364,904 | 0 | 4,364,904 | 4,364,904 | 5.26% |
| LARRY ROBBINS | 0 | 4,364,904 | 0 | 4,364,904 | 4,364,904 | 5.26% |
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Page 1 of 9 – SEC Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
HERTZ GLOBAL HOLDINGS, INC.
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
42806J106
(CUSIP Number)
December 16, 2016
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
[ ] Rule 13d-1(b)
[ X ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
Continued on following pages
Page 1 of 9 Pages
Exhibit Index: Page 7
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Page 2 of 9 – SEC Filing
| CUSIP No. 42806J106 | Page 2 of 9 Pages |
| 1 | NAMES OF REPORTING PERSONS | ||||
| I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) | |||||
| GLENVIEW CAPITAL MANAGEMENT, LLC | |||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | ||||
| (a)☐ | |||||
| (b)☐ | |||||
| 3 | SEC USE ONLY | ||||
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
| Delaware | |||||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 5 | SOLE VOTING POWER | |||
| 0 | |||||
| 6 | SHARED VOTING POWER | ||||
| 4,364,904 | |||||
| 7 | SOLE DISPOSITIVE POWER | ||||
| 0 | |||||
| 8 | SHARED DISPOSITIVE POWER | ||||
| 4,364,904 | |||||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
| 4,364,904 | |||||
| 10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||
| ☐ | |||||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | ||||
| 5.26% | |||||
| 12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||
| OO | |||||
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Page 3 of 9 – SEC Filing
| CUSIP No. 42806J106 | Page 3 of 9 Pages |
| 1 | NAMES OF REPORTING PERSONS | ||||
| I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) | |||||
| LARRY ROBBINS | |||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | ||||
| (a)☐ | |||||
| (b)☐ | |||||
| 3 | SEC USE ONLY | ||||
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
| United States of America | |||||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 5 | SOLE VOTING POWER | |||
| 0 | |||||
| 6 | SHARED VOTING POWER | ||||
| 4,364,904 | |||||
| 7 | SOLE DISPOSITIVE POWER | ||||
| 0 | |||||
| 8 | SHARED DISPOSITIVE POWER | ||||
| 4,364,904 | |||||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
| 4,364,904 | |||||
| 10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||
| ☐ | |||||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | ||||
| 5.26% | |||||
| 12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||
| IN, HC | |||||
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Page 4 of 9 – SEC Filing
| CUSIP No. 42806J106 | Page 4 of 9 Pages |
| Item 1(a). | Name of Issuer: |
Hertz Global Holdings, Inc. (the “Issuer”)
| Item 1(b). | Address of Issuer’s Principal Executive Offices: |
8501 Williams Road, Estero, Florida 33928
| Item 2(a). | Name of Person Filing |
This Statement is filed on behalf of each of the following persons (collectively, the “Reporting Persons”):
| i) | Glenview Capital Management, LLC (“Glenview Capital Management”); |
| ii) | Larry Robbins (“Mr. Robbins”). |
This Statement relates to Shares (as defined herein) held for the accounts of Glenview Capital Partners, L.P., a Delaware limited partnership (“Glenview Capital Partners”), Glenview Capital Master Fund, Ltd., a Cayman Islands exempted company (“Glenview Capital Master Fund”), Glenview Institutional Partners, L.P., a Delaware limited partnership (“Glenview Institutional Partners”), Glenview Offshore Opportunity Master Fund, Ltd., a Cayman Islands exempted company (“Glenview Offshore Opportunity Master Fund”), and Glenview Capital Opportunity Fund, L.P., a Delaware limited partnership (“Glenview Capital Opportunity Fund”).
Glenview Capital Management serves as investment manager to each of Glenview Capital Partners, Glenview Capital Master Fund, Glenview Institutional Partners, Glenview Offshore Opportunity Master Fund, and Glenview Capital Opportunity Fund. Mr. Robbins is the Chief Executive Officer of Glenview Capital Management.
| Item 2(b). | Address of Principal Business Office or, if None, Residence: |
The address of the principal business office of each of Glenview Capital Management and Mr. Robbins is 767 Fifth Avenue, 44th Floor, New York, New York 10153.
| Item 2(c). | Citizenship: |
| i) | Glenview Capital Management is a Delaware limited liability company; |
| ii) | Mr. Robbins is a citizen of the United States of America. |
| Item 2(d). | Title of Class of Securities: |
Common Stock, par value $0.01 per share (the “Shares”)
| Item 2(e). | CUSIP Number: |
42806J106
| Item 3. | If This Statement is Filed Pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), Check Whether the Person Filing is a: |
This Item 3 is not applicable.
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Page 5 of 9 – SEC Filing
| CUSIP No. 42806J106 | Page 5 of 9 Pages |
| Item 4. | Ownership: |
| Item 4(a) | Amount Beneficially Owned: |
As of December 23, 2016, each of Glenview Capital Management and Mr. Robbins may be deemed the beneficial owner of 4,364,904 Shares. This amount consists of: (A) 111,758 Shares held for the account of Glenview Capital Partners; (B) 1,780,099 Shares held for the account of Glenview Capital Master Fund; (C) 883,740 Shares held for the account of Glenview Institutional Partners; (D) 938,610 Shares held for the account of Glenview Offshore Opportunity Master Fund; (E) 650,697 Shares held for the account of Glenview Capital Opportunity Fund.
| Item 4(b) | Percent of Class: |
As of December 23, 2016, each of the Reporting Persons may be deemed the beneficial owner of approximately 5.26% of Shares outstanding. (There were 82,966,420 Shares outstanding as of October 31, 2016, according to the Issuer’s quarterly report on Form 10-Q, filed November 8, 2016.)
| Item 4(c) | Number of Shares as to which such person has: |
| (i) Sole power to vote or direct the vote: | 0 |
| (ii) Shared power to vote or direct the vote: | 4,364,904 |
| (iii) Sole power to dispose or direct the disposition of: | 0 |
| (iv) Shared power to dispose or direct the disposition of: | 4,364,904 |
| Item 5. | Ownership of Five Percent or Less of a Class: |
This Item 5 is not applicable.
| Item 6. | Ownership of More than Five Percent on Behalf of Another Person: |
See disclosure in Items 2 and 4 hereof. Certain funds listed in Item 2(a) are known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Shares covered by this Statement that may be deemed to be beneficially owned by the Reporting Persons.
| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person: |
See disclosure in Item 2 hereof.
| Item 8. | Identification and Classification of Members of the Group: |
This Item 8 is not applicable.
| Item 9. | Notice of Dissolution of Group: |
This Item 9 is not applicable.
| Item 10. | Certification: |
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §240.14a-11.
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Page 6 of 9 – SEC Filing
| CUSIP No. 42806J106 | Page 6 of 9 Pages |
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
| GLENVIEW CAPITAL MANAGEMENT, LLC | |||
| By: | /s/ Mark J. Horowitz | ||
| Mark J. Horowitz | |||
| President of Glenview Capital Management, LLC | |||
| LARRY ROBBINS | |||
| By: | /s/ Mark J. Horowitz | ||
| Mark J. Horowitz, attorney-in-fact for Larry Robbins | |||
December 27, 2016
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Page 7 of 9 – SEC Filing
| Page 7 of 9 Pages |
EXHIBIT INDEX
| Ex. | Page No. | |
| A | Joint Filing Agreement | 8 |
| B | Power of Attorney | 9 |
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Page 8 of 9 – SEC Filing
| Page 8 of 9 Pages |
EXHIBIT A
JOINT FILING AGREEMENT
The undersigned hereby agree that the statement on Schedule 13G with respect to the Common Stock of Hertz Global Holdings, Inc. dated as of December 27, 2016 is, and any amendments thereto (including amendments on Schedule 13D) signed by each of the undersigned shall be, filed on behalf of each of us pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended.
| GLENVIEW CAPITAL MANAGEMENT, LLC | |||
| By: | /s/ Mark J. Horowitz | ||
| Mark J. Horowitz | |||
| President of Glenview Capital Management, LLC | |||
| LARRY ROBBINS | |||
| By: | /s/ Mark J. Horowitz | ||
| Mark J. Horowitz, attorney-in-fact for Larry Robbins | |||
December 27, 2016
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Page 9 of 9 – SEC Filing
| Page 9 of 9 Pages |
EXHIBIT B
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENT, that I, Larry Robbins, hereby make, constitute and appoint Mark J. Horowitz, acting individually, as my agent and attorney-in-fact for the purpose of executing in my name, (a) in my personal capacity or (b) in my capacity as Chief Executive Officer or in other capacities of Glenview Capital Management, LLC, a Delaware limited liability company, and each of its affiliates or entities advised or controlled by me or Glenview Capital Management, LLC, all documents, certificates, instruments, statements, filings and agreements (“documents”) to be filed with or delivered to any foreign or domestic governmental or regulatory body or required or requested by any other person or entity pursuant to any legal or regulatory requirement relating to the acquisition, ownership, management or disposition of securities, futures contracts or other investments, and any other documents relating or ancillary thereto, including, without limitation, all documents relating to filings with the United States Securities and Exchange Commission (the “SEC”) pursuant to the Securities Act of 1933, as amended, or the Securities and Exchange Act of 1934, as amended (the “Act”), and the rules and regulations promulgated thereunder, including, without limitation: (1) all documents relating to the beneficial ownership of securities required to be filed with the SEC pursuant to Section 13(d) or Section 16(a) of the Act, including, without limitation: (a) any acquisition statements on Schedule 13D or Schedule 13G and any amendments thereto, (b) any joint filing agreements pursuant to Rule 13d-1(k), and (c) any initial statements of, or statements of changes in, beneficial ownership of securities on Form 3, Form 4 or Form 5 and (2) any information statements on Form 13F required to be filed with the SEC pursuant to Section 13(f) of the Act.
All past acts of the attorney-in-fact in furtherance of the foregoing are hereby ratified and confirmed.
This Power of Attorney revokes the previous Power of Attorney, executed by the undersigned on February 10, 2009, and shall remain in effect until revoked, in writing, by the undersigned.
IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney, this 2nd day of February, 2016.
/s/ Larry Robbins
Larry Robbins
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