DTG, HTZ Shares Jump On Buyout Deal

Dollar Thrifty Automotive Group DTG surged more than 5% after Hertz Global Holdings HTZ won the bidding war for the holding company for Thrifty Car Rental and Dollar Rent a Car. HTZ had sweetened its buyout offer to $50 per share, or approximately $1.4 billion, beating a rival bid from Avis Budget Group CAR. HTZ's CEO Mark Frissora and DTG's Chairman Thomas Capo said in a joint statement, “We are pleased to reach an agreement that reflects the significant improvement in Dollar Thrifty's operating performance since the initial merger agreement was executed on April 25, 2010.” In July, CAR had submitted an offer of $1.3 billion for the rental firm, igniting the bidding war. Shares of DTG jumped 5.29% to $50.55 at 2:39 pm, while those of HTZ surged 6.37% to $10.69. Read more from Benzinga's Company news.