Share Price Of Tulsa-Based Dollar Thrifty On The Rise

NewsOn6.com

TULSA, Oklahoma -- The day after Hertz announced an exchange offer for all outstanding shares of Dollar Thrifty, the price of the Tulsa-based Dollar Thrifty stock remains above $81 a share.

On Tuesday, Hertz said it is offering to exchange each share of Dollar Thrifty for $57.60 in cash and 0.8546 shares of Hertz.

On May 9, 2011, Hertz announced it had re-entered the bidding war for Dollar Thrifty.  Hertz and Avis began the war over Dollar Thrifty in the spring of 2010.

Dollar Thrifty is considered a key prize for either Hertz or Avis because it caters to business travelers.  Dollar Thrifty's clientele is largely the leisure traveler, giving either company a broader appeal.

5/10/2011 Related Story: German Rental Giant Looking At Tulsa's Dollar Thrifty

In late July 2010, shares of Dollar Thrifty closed at $48.68.

Dollar Thrifty stockholders failed to approve a $1.45 billion deal with Hertz in September 2010.

9/28/2010 Related Story: Shareholders For Tulsa-Based Dollar Thrifty Vote No On Hertz Bid

Analysts says Hertz's latest offer could be worth more than $2.06 billion.  Dollar Thrifty employs about 700 people in Tulsa.