Avis Raises Bid for Dollar Thrifty, Attacks Hertz
Car rental company Avis Budget Group Inc (CAR) improved its offer for Dollar Thrifty Automotive Group (DTG).
Avis raised the cash portion of the offer to $40.75 a share, from $39.25, Avis said in a statement. The offer now stands at $40.75 in cash and 0.6543 shares of Avis Budget stock per share of Dollar Thrifty.
Avis attacked rival bidder Hertz Global Holdings (HTZ), saying that its offer was "clearly inferior" and no more likely to be approved by regulators.
"Hertz resorts to antitrust as a scare tactic and a smoke screen -- a last-ditch effort to deflect attention from its clearly inferior offer," the statement said.
The new Avis offer is a premium of more than 22% over the Hertz offer, the statement said.