Avis Budget Enter Bidding For Dollar Thrifty Car Hire

Last night the Avis Budget Group entered in to the bidding for Dollar Thrifty, with a whooping bid of$ 1.33 Billion, this trumps the earlier Hertz bid of $1.17 Billion.dollarthrifty

A letter sent to Dollar Thrifty’s top bosses from Avis Budget’s group chairman and CEO Ronald Nelson stated: “We are prepared to put forward an offer today for Dollar Thrifty that clearly constitutes a superior proposal under that [Hertz] merger agreement.”

He continued: “We are prepared to enter into a merger agreement that contains substantially the same terms as the Hertz merger agreement, but which includes removing the matching rights, eliminating the break-up fees, and increasing the commitment to secure antitrust approvals.

“In short, we believe that the higher purchase price we are offering, combined with the terms of our proposed merger agreement, makes our offer a superior one from the perspective of Dollar Thrifty and its shareholders.”

Whomever manages to purchase Dollar Thrifty will decrease the huge advantage Enterprise owned Alamo Rent A Car have on the U.S. market at present.

For those clever bosses at Dollar Thrifty who took shares in the company rather than performance related bonuses must be very happy at the moment.

Who would you rather see take over at Dollar Thrifty?

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