Dollar Thrifty says it would consider Avis offer to trump Hertz bid
By APTuesday, May 4, 2010
Dollar Thrifty says it would consider Avis offer
TULSA, Okla. — Dollar Thrifty Automotive Group Inc. says it would entertain a “substantially higher offer” for its assets from Avis Budget Group Inc.
Avis is seeking to prevent the sale of Dollar Thrifty to Hertz Global Holdings Inc. In an open letter Monday, Avis said Dollar Thrifty had agreed to sell itself too cheaply and said it would make a higher offer than Hertz’s $1.17 billion bid.
In its own letter Tuesday, Dollar Thrifty says it will consider the Avis offer.
Last week, Dollar Thrifty, based in Tulsa, Okla., posted a record first-quarter profit of $27.3 million.
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