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Contact: Media Inquiries Securities Analysts Shareholder Inquiries
Karen Hampton Mike Holland 800-555-5259 or
313-594-4410 313-323-8221 313-845-8540
FOR IMMEDIATE RELEASE
FORD TO ACQUIRE REMAINDER OF HERTZ
DEARBORN, Mich., Sept. 21, 2000 - Ford Motor Company [NYSE: F] announced today
that it has proposed to acquire the 18.5 percent of The Hertz Corporation [NYSE:
HRZ] outstanding stock that the automaker does not already own through a merger
transaction.
In the proposed merger, the public shareholders of Hertz would receive $30 for
each share of Hertz Class A common stock they own. The $30 per share price
represents a premium of approximately 24 percent over the Sept. 20 closing price
for Hertz stock as listed on the New York Stock Exchange Composite Index.
"Since the Hertz IPO in 1997, we have intensified our focus on becoming the
world's leading consumer company for automotive products and services," said
Henry Wallace, Ford Motor Company chief financial officer. "Hertz is one of the
world's strongest brands and an integral part of this focus. Acquiring the
minority interest will support this strategy and enhance the operating
flexibility between us and Hertz."
______________________________________________________________________________
Media Information Center, Telephone: 1.800.665.1515 or 1.313.621.0504;
Fax: 1.313.845.7512
Email: [email protected]; Internet: http://media.ford.com
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Ford's proposal is subject to approval of the Hertz board of directors, the
board's favorable recommendation to Hertz shareholders and the negotiation,
execution and performance of a definitive merger agreement.
Ford is being advised by J.P. Morgan & Co., Inc. on the proposed merger
transaction.
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Investors are urged to read the relevant documents that will be filed with the
U.S. Securities and Exchange Commission by Ford and/or Hertz if the proposed
merger transaction proceeds. Investors will be able to obtain a free copy of the
documents filed with the SEC at http://www.sec.gov. Investors also will be able
to obtain a free copy of the relevant documents by contacting Ford Motor Company
by mail at Shareholder Relations, One American Road, Dearborn, MI 48126-2798, by
phone at (800) 555-5259 (within the U.S. and Canada) or (313) 845-8540 (outside
the U.S. and Canada), or by email at [email protected].
