Hertz, which is the largest publicly traded rental-car company, offered a bid to buy Dollar Thrifty Automotive Group Inc. for $2.24 billion in cash and stock. The bid tops one made by Avis about a year ago.
Hertz’s bid comes in at $72 a share, 24 percent more than Avis’s offer. After Hertz made its announcement yesterday, Dollar Thrifty rose $9.58, or 14 percent, to $79.27 in New York Stock Exchange composite trading. The shift was the biggest jump since May 3, 2010, when Avis made a counter bid to Hertz’s original offer.
Avis and Dollar Thrifty have been asking U.S. Federal Trade Commission approval for a deal that would join the third- and fourth-largest U.S. rental-car companies.
Hertz hopes to avoid such a move.
– By: Omar Rana