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January 03, 2014 AT 7:38 AM
Billionaire investor Carl Icahn has acquired between 30 and 40 million shares in Hertz Global Holdings and his stake-building was the reason the car rental company bolstered its takeover defenses, CNBC reported Friday, citing unidentified sources. The business TV broadcaster also said part of Icahn's stake took the form of derivatives rather than common shares. Hertz adopted a "shareholder rights" plan on Monday, after observing "unusual and substantial activity" in its shares.