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Hedge Fund Boosts Avis Budget

Hedge Fund Makes Avis Budget to Increase 8%

A $9.2 billion hedge fund founded in 2000 Glenview Capital Management boosted Avis Budget Group Inc. by over 8 percent after news broke that hedge fund.
They had purchased 5.12% stake, or 5.4 million shares, in the rental car company. Avis Budget also saw a bump due to another announcement from rival rental car company, Hertz Global Holdings (NYSE:HTZ), which said they will be looking to raise their prices.
The rental car industry has been attracting a lot of activist attention lately, particularly at Hertz Global Holdings, Inc. Jana Partners announced 7% stake in the company in the months prior and even Carl Icahn has made an impact by getting Hertz CEO to step down, in favor of a candidate that could implement his action plan. Hertz is down -14.5% year to date, showing that there still is more time needed to implement and achieve results from Jana Partners and Icahn's activism.
Source: Seeking Alpha

Related to: Hedge Fund Update

Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund Industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, Glenview Capital Management, Avis Budget Group Inc., Hertz Global Holdings, Inc., Jana Partners, Carl Icahn.

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