Avis increases offer for Dollar Thrifty by more than $5 per share

Avis raises Dollar Thrifty offer

PARSIPPANY, N.J. — Avis Budget Group is increasing its offer for Dollar Thrifty by more than $5 per share in cash, as it continues to woo the rental car company.

The increase had been expected after Dollar Thrifty accepted a bid from rival Hertz Global Holdings Inc. earlier this month. That offer was worth $1.56 billion including restricted stock and stock options.

Avis is also offering .65 shares of Avis Budget stock, on top of the new bid of $45.79 per share for Dollar Thrifty, up from its previous bid of $40.75 per share.

Avis Budget stock, which was worth $11.02 at closing Wednesday.

Avis’ prior offer was worth $1.36 billion and included $40.75 per share in cash.

Shares of Dollar Thrifty soared on the news, setting a new 52-week high of $53.