Summary Box: Hertz offers $1.17 billion to acquire Dollar Thrifty, expands car-rental presence
By APMonday, April 26, 2010
Summary Box: Hertz to acquire Dollar Thrifty
THE DEAL: Hertz Global Holdings Inc. said Monday it has agreed to buy rival Dollar Thrifty Automotive Group for about $1.17 billion.
THE RESULT: If the acquisition is approved by regulators and shareholders, Hertz will have 9,800 locations and four rental brands: Its Hertz and Advantage brands along with Dollar and Thrifty. That will strengthen Hertz overseas and among leisure travelers.
THE TERMS: Hertz’s bid values Dollar Thrifty at $41 per share — a 5.5 percent premium to Friday’s closing price of $38.85. The offer is made up of 80 percent cash and 20 percent Hertz stock.
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