NEW YORK (AP) - Hertz Global Holdings Inc., the world's largest
car rental company, says it will buy rival Dollar Thrifty
Automotive Group for about $1.17 billion in cash and stock.
Hertz says the deal will give it an additional 1,550 additional
locations, boosting its total to 9,800. It says it will boost its
leisure rental business in Europe and elsewhere.
Hertz says its bid values Tulsa, Okla.'s Dollar Thrifty at $41
per share, a 5.5 percent premium to Friday's closing price of
The offer is made up of 80 percent cash and 20 percent Hertz
Hertz, based in Park Ridge, N.J., expects the deal to start
adding to profits immediately.
Hertz separately is reporting a smaller first-quarter loss.