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Dollar Thrifty rebuffs Avis bid, plans to go ahead with Hertz offer


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Dollar Thrifty rebuffs Avis bid, plans to go ahead with Hertz offer

TULSA (AP) — Dollar Thrifty Automotive Group (DTG) says it's rebuffing a counteroffer from Avis Budget Group (CAR).

And Dollar Thrifty is going ahead with plans to have shareholders vote on a competing acquisition bid by Hertz Global Holdings (HTZ).

In a Tuesday afternoon letter, Dollar Thrifty says Avis' $1.33 billion offer doesn't satisfy enough requirements for the company to break up its deal with Hertz.

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Dollar Thrifty shareholders are scheduled to vote on Hertz's $1.17 billion bid in mid-September.

At issue are antitrust concerns. And Dollar Thrifty says its suitor must offer a so-called "reverse breakup fee."

Still, Dollar Thrifty isn't shutting the door.

Executives say they're ready to review modifications Avis Budget has to offer.

link:

http://www.usatoday.com/money/autos/2010-08-03-dollar-thrifty-avis-bid_N.htm

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