Hertz Buys A Dollar

After three years of negotiation, Hertz has agreed to buy Dollar Thrifty for $2.3 billion. The original offer made two years ago was for $41 per share, or about $1.2 billion. By holding out for two years, Dollar Thrifty doubled the price it received for shareholders. During the merger talks, competitor Avis was drawn into acquisition talks, but withdrew from the bidding in large part due to antitrust concerns. As part of the deal, Hertz agreed to sell its Advantage Rent A Car unit.