Hertz has announced that it will be buying its competitors Dollar Thrifty Automotive Group Inc. for a nice $2.3 billion. The move will give Hertz’s car rental business a chance to attract more customers and expand its international presence.
Dollar Thrifty’s stock jumped up 7% in premarket trading yesterday.
Hertz will pay $87.50 for each Dollar Thrifty Share, approximately an 8% premium to the company’s closing price of $81 per share on Friday.
– By: Omar Rana
Source: Free Press