Avis Ups Bid To Buy Dollar Thrifty In Battle With Hertz

Law360, New York (September 2, 2010, 12:34 PM EDT) -- Avis Budget Group Inc. upped its bid Thursday for Dollar Thrifty Automotive Group Inc., claiming rival bidder Hertz Global Holdings Inc. has “manufactured” antitrust issues in their increasingly heated battle for the discount car-rental company.

Avis increased its bid for Dollar Thrifty to $40.75 in cash and 0.6543 shares of Avis stock, for a total of $47.13 per share based on Avis's Wednesday closing stock price of $9.75. The revised offer represents a 22 percent premium over Hertz's $41 per share, inclusive of both cash and...
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