New suitor aims to outbid Hertz for control of Tulsa-based Dollar-Thrifty Car Rental
Posted: 07/29/2010
PARSIPPANY, NJ - Avis Budget Group Inc. says it has offered $1.33 billion in cash and stock for rival Tulsa rental-car operator Dollar Thrifty Automotive Group Inc.
The bid is an effort to trump Hertz Global Holdings Inc., which in April said was buying Dollar Thrifty for about $1.17 billion in cash and stock.
Avis Budget's bid consists of $39.25 in cash and 0.6543 shares of Avis Budget stock.
Dollar Thrifty says it will study the offer but notes it has already signed a definitive merger agreement with Hertz.
The latest bid consists of $39.25 in cash and 0.6543 shares of Avis Budget stock. It amounts to $46.50 a share for Dollar Thrifty, a price below the stock's Wednesday close at $48.68. It slipped 68 cents, or 1.4 percent, to $48 in after-hours trading.
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