Hertz makes new buyout offer for Dollar Thrifty

[May 09, 2011]  PARK RIDGE, N.J. (AP) -- Car rental company Hertz Global Holdings Inc. is raising the stakes on its offer of Dollar Thrifty Automotive Group Inc. in hopes of besting rival Avis Budget Group Inc.'s offer.

Hertz says its new proposal includes $57.60 in cash and 0.8546 shares of its common stock. Its prior offer was rejected by Dollar Thrifty shareholders in favor of Avis' bid of $45.79 per share in cash and 0.6543 shares of Avis.

Avis, based in Parsippany, N.J., is awaiting antitrust clearance for its proposal.

Hertz says it will sell its Advantage brand and is in talks with the Federal Trade Commission about how to close the deal quickly.

Hertz, based in Park Ridge, N.J., says its offer is not subject to any financing condition.

Dollar Thrifty is based in Tulsa, Okla.

[Associated Press]

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