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Ford wants Hertz back

Published on .

Ford Motor Co., Dearborn, Mich., said it wants to reacquire the 18% of Hertz Corp.'s outstanding stock it doesn't own. Ford is offering $30 per share for the Park Ridge, N.J., car rental company's Class A common stock; the carmaker said that offer was roughly 24% above yesterday's closing price. Moss/Dragotti, New York, handles Hertz creative. Observers expect Ford, if the deal flies, to move Hertz media buying from DDB Worldwide, New York, to J. Walter Thompson Co.'s dedicated media buying unit, Ford Motor Media, Detroit. Ford has moved media buying to that unit for other acquisitions, including Land Rover and Volvo.

Copyright September 2000, Crain Communications Inc.

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