Avis Raises Bid for Dollar Thrifty, Attacks Hertz
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.
"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.