IPO Underwriter booted out at Hertz

Hertz Global Holdings Inc has dropped it’s underwriter Deutsche Bank Securities. 175 institutional accounts were forwarded via email by a Deutsche employer. Because of the content in the email Ted Meyer, a spokesman, decided to take an “extremely cautious approach”.

On October 23rd the email was distributed according the SEC filing. Deutsche Bank Securities believes the email does not cause a SEC violation.

The New Jersey based wing of Hertz is planning to float shares on the 15th November. This has been forecasted to be around $1.5b. This approach is to compete with Avis and Vanguard.

When the company does float it’s New York Exchange symbol will be HTZ.

www.hertz.com