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Blackstone and Carlyle Buyout Groups Submit Rival Bids for Hertz

September 6, 2005

PARK RIDGE, NJ — Blackstone Group LP and Carlyle Group are part of buyout groups that are making rival takeover bids for Hertz Corp., the rental car unit of Ford Motor Co., according to the Bloomberg News Service. Hertz may sell for as much as $10 billion, including debt, in what would be among this year’s big-gest U.S. leveraged buyouts. Ford said in April it may sell Park Ridge, New Jersey-based Hertz. The buyout groups are competing to purchase a company whose second-quarter net income rose 3 percent to $97 million. Ford’s earnings, by contrast, dropped 19 percent. Selling Hertz is part of Ford’s plan to raise funds as it loses market share in the U.S. to Asian automakers led by Toyota Motor Corp. New York-based Blackstone is bidding for Hertz with Texas Pacific Group, Thomas H. Lee Part-ners LP, and Bain Capital Partners LLC, while Washington-based Carlyle is teaming with Clayton Dubilier & Rice Inc. and Merrill Lynch & Co.’s buyout unit, according to the Bloomberg News Service report.
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