Avis to Dollar Thrifty: We will top Hertz bid - Financial News USA

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Avis to Dollar Thrifty: We will top Hertz bid

News - Financial News

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.

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