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Bidding war breaks out as Hertz outbids Avis for Rental Company Dollar Thrifty

Hertz has outbid Avis to secure a deal with Dollar Thrifty. Hertz originally had offered $41 per share, but the was superseded by an Avis bid of $47 which was rejected by the board of Dollar Thrifty.

However Hertz has come back with a $50 per share deal which has been exepted.

This make the deal worth $1.43bn or 930m.

This deal will increase the Hertz share of the rental market significantly and allow them a bigger share of the tourist market. Hertz largest market share is in the business market with half of its profits coming from this sector.

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