Avis to Dollar Thrifty: We’ll top Hertz’s bid, just open up your books


Hertz rental car-company announced last week that it has agreed to buy Dollar Thrifty Automotive Group Inc. for about $1.2 billion in cash and stock. Now if someone offered to buy our company, we’d at least shop around to see how much others will offer, seeing what is the most we can get out from the sale – it’s only common sense.

Apparently Dollar Thrifty didn’t really care. Rival Avis says that Dollar Thrifty is selling itself too cheaply to Hertz, and promised to top the buyout offer announced last week.

Avis wrote a letter to two top executives at Dollar Thrifty and said to open up its books before it gives the company a counter offer to the $1.17 billion offered by Hertz.

Hertz is already the largest car rental company.

– By: Omar Rana

Source: MSNBC