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Investment firms Knighthead Capital Management and Certares Management have increased their offer to take Hertz Global Holdings out of Chapter 11 bankruptcy protection, valuing the company at $6.2 billion, The Wall Street Journal reported.
The duo's new offer comes after Warburg Pincus, Centerbridge Partners and Dundon Capital Partners threw a restructuring offer at Hertz, valuing the rental car company at $5.5 billion. Before that, Knighthead and Certares had entered a definitive agreement to acquire Hertz for up to $4.2 billion.
- As part of the new bid, Apollo Global Management would provide $2.5 billion in financing, effectively paying off Hertz's funded debt in full, according to The Wall Street Journal report. Additionally, the bid is said to include $2.9 billion in equity financing, with $750 million of that coming from Hertz shareholders.