Avis Tops Hertz Bid For Tulsa-Based Dollar Thrifty

Wednesday, July 28th 2010, 7:22 pm
By: News On 6


TULSA, OK – Avis Budget Group offered $1.33 billion to buy Tulsa-based Dollar Thrifty Automotive Group Wednesday, according to Reuters.

The offer tops rival Hertz bid of $1.2 billion.

"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," Avis said in a letter to Dollar Thrifty management.

Hertz made a proposal in April to buyout Dollar Thrifty, which employs about 700 people in Tulsa. At that time, Dollar Thrifty President and CEO Scott Thompson said he couldn't speculate how the transaction might impact the Tulsa work force, but that he didn't expect any changes in 2010.

Shares of Dollar Thrifty closed at 48.68 Wednesday.

Any deal would require federal approval.

Related stories:

7/21/2010 Report: Avis Expected To Top Hertz Bid For Tulsa-Based Dollar Thrifty
4/26/2010 No Word On Future Of Dollar Thrifty Jobs In Tulsa After Purchase By Hertz