New York City, NY – Avis to Dollar Thrifty: We will top Hertz bid
NEW YORK (AP) Avis says rival rental car company Dollar Thrifty is selling itself too cheaply to Hertz, and promised to top the buyout offer announced last week.
In a letter to two top executives at Dollar Thrifty, Avis said Monday it wants Dollar Thrifty to open its books before it counters the $1.17 billion offer from Hertz Global Holdings.
Avis says it has been trying to set up meetings with Dollar to talk about a sale, and was blindsided by the announcement of a tie-up with Hertz.
Hertz is already the world's largest car rental company by locations. The Hertz bid values Dollar Thrifty, based in Oklahoma, at $41 per share. The offer is made up of 80 percent cash and 20 percent Hertz stock.