Dollar Thrifty Takeover
On April 26, 2010, Hertz (NYSE: HTZ) agreed to acquire Dollar Thrifty Automotive Group Inc. (NYSE: DTG) in a cash and stock deal worth $1.17 billion in cash and stock.
Under the deal, Dollar Thrifty would receive a $6.88 per share cash dividend, $25.92 per share to be paid by Hertz at the closing and 0.6366 share of Hertz stock for each Dollar Thrifty share.
Not to be outdone, Hertz rival Avis Budget (NYSE: CAR) submited its own higher bid for Dollar Thrifty in July.
Avis Budget offered to acquire Dollar Thrifty for $39.25 in cash and 0.6543 shares of Avis Budget stock, which was valued at $46.50 per share at the time of the announcement.
Under the deal, Dollar Thrifty would receive a $6.88 per share cash dividend, $25.92 per share to be paid by Hertz at the closing and 0.6366 share of Hertz stock for each Dollar Thrifty share.
Not to be outdone, Hertz rival Avis Budget (NYSE: CAR) submited its own higher bid for Dollar Thrifty in July.
Avis Budget offered to acquire Dollar Thrifty for $39.25 in cash and 0.6543 shares of Avis Budget stock, which was valued at $46.50 per share at the time of the announcement.
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