Hertz to Buy Dollar Thrifty for $1.2 Billion – CNBC
U.S. car rental firm Hertz Global Holdings had agreed to buy smaller rival Dollar Thrifty Automotive Group for about $1.2 billion to boost its presence in the leisure rental market.
The deal marks a significant consolidation for the car rental industry, which is starting to recover from the global economic downturn helped by a pickup in travel and the used car market.
The cash-and-stock offer of $41 per share is at a 5.5 percent premium to Dollar Thrifty's Friday close of $38.85.
It values the company at $1.17 billion based on its shares outstanding of 28.6 million as on February 24 according to Reuters data.