Dollar Thrifty Receives $46.50 Per Share Offer From Avis Budget, Topping Hertz Bid – Update
Car rental company Dollar Thrifty Automotive Group, Inc. (DTG) said Wednesday that it has received an unsolicited bid from Avis Budget Group, Inc. (CAR) to acquire the company for cash and stock. The $46.50 per share bid by Avis tops an earlier cash and share bid by Hertz Global Holdings Inc. (HTZ) of $41 per share. Dollar Thrifty said its board of directors will review and consider the terms of the Avis Budget offer, signaling that a bidding war for the company may be underway.