Hertz Back In Dollar Thrifty Fight With $2.08 Billion Bid |
| Wall Street Journal - May 9, 2011 |
Hertz Global Holdings Inc. (HTZ) offered to buy Dollar Thrifty Automotive Group Inc. (DTG) for $2.08 billion in cash and stock, a substantially bigger offer than the one the target's shareholders had spurned last year.
Dollar Thrifty shares jumped 8.6% to $75.75 in recent premarket trading, compared with the $72 offer price.
In September, Hertz had said it would walk away from efforts to acquire Dollar Thrifty, in the wake of a shareholder vote that was extended twice and dominated by hedge funds and arbitrageurs. The previous deal had valued the target at $50.99 a share when shareholders rejected it.
The rejection had left Hertz rival Avis Budget Group Inc. (CAR) as the apparent winner in a long-running bidding war for the company. Dollar Thrifty had said a richer proposal from Avis was inferior to Hertz's previous bid, in part because unlike the Hertz pact it lacked a reverse-termination fee to compensate the target if antitrust or other issues were to scuttle a deal.
Read Full Article from Wall Street Journal
- Posted: 2011-05-09 10:09:33
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