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9:44 am
Mon September 13, 2010

New Offer for Dollar Thrifts

Tulsa, OK – Dollar Thifty accepts Hertz's new $1.43B offer

PARK RIDGE, N.J. (AP) Dollar Thrifty has accepted a new bid of about $1.43 billion from Hertz, which is battling Avis for the rental car company.

Dollar Thrifty Automotive Group Inc.'s board said late Sunday that it accepted Hertz Global Holdings Inc.'s new $50-per-share offer up from the $41 it offered in April and amended the companies' merger agreement. The offer, which was raised from Hertz's previous $1.2 billion bid, was made in a attempt to thwart a rival offer by Avis Budget Group Inc.

Dollar Thrifty, of Tulsa, Okla., pushed back a special shareholders meeting meant to vote on Hertz's proposal to Sept. 30 from Thursday.

Copyright 2010 The Associated Press.