At what might be the conclusion of a courtship that has lasted for more than two years, Hertz Global Holdings Inc. (NYSE: HTZ) is asking shareholders of Dollar Thrifty Group Inc. (NYSE: DTG) to name a price. According to a report citing unnamed sources at Bloomberg, Hertz also wants Dollar Thrifty shareholders to let it know if Hertz should go hostile.
The first effort to acquire Dollar Thrifty came from Avis Budget Group Inc. (NASDAQ: CAR) in the spring of 2010 at $50/share, a premium of 18% to Dollar Thrifty’s share price at the time. By the following spring, Hertz had nudged the bidding up to $72/share before dropping its bid and sending Dollar Thrifty shares back down to around $60/share.
Dollar Thrifty’s stock climbed back to a 52-week high of nearly $85/share in early July this year on reports that the company had asked Avis to make a new offer. Hertz also said last month that it was still interested in acquiring Dollar Thrifty and that it continues to seek a buyer for its Advantage rental car unit as it seeks to forestall any regulatory hurdles a tie-up with Dollar Thrifty might raise.
Provided Dollar Thrifty shareholders don’t tell Hertz to go pound sand or ask for an outrageous price, the deal might actually get done this time around.
Shares of Dollar Thrifty are up 3.9% today at $78.69 in a 52-week range of $77.77-$84.91, and shares of Hertz are up 4% at $12.90 in a 52-week range of $7.80-$16.64.
Avis’s shares are off 2% at $15.63 in a 52-week range of $8.45-$16.97.
Paul Ausick
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
