Avis Raises Bid for Dollar Thrifty, Attacks Hertz

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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.

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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.
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