Budget Car Hire Increases Dollar Car Rental Bid

The battle for ownership of Dollar Rent A Car took another turn last night ascarental Avis Budget returned with an improved offer. Back in August I blogged about how Dollar had declined Budgets initial advances and how Hertz looked favourite to purchase Dollar.

However Budget has returned with an improved offer of around $1.36 Billion for the Tulsa based car rental giant. The cash portion of the Avis offer for Dollar Thrifty has been raised from $39.25 to $40.75 per share.

“We are confident that the Dollar Thrifty shareholders will prefer the premium Avis Budget offer to the Hertz offer,” Avis Budget stated.

The improved offer may still be shunned due to the opposition the deal might encounter via antitrust regulations.

Dollar Thrifty shareholders are due to attend a special meeting on September 16 to consider the Hertz offer.

“In the event that the Hertz transaction is rejected by the special meeting, we will commit to sign the merger agreement we previously delivered to Dollar Thrifty at any time within five days of that meeting,” Avis Budget said.

It’s clear that whoever completes the deal will have increased their market share and obtained the only USA Car Rental supplier to make a profit in 2009.

Will keep you all posted.

Regards,

James

 car hire USA

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