Dollar Thrifty Automotive Group's shareholders have voted against the $1.4 billion takeover bid by Hertz Global Holdings Inc. Shares of Hertz were down more than 8% on Thursday as whispers leaked on Wall Street.
Hertz said it will walk away from the deal which clears the competition for Avis Budget who had previously expressed its interest in Dollar Thrifty by offering an even higher offer than Hertz.
Hertz's bid was worth $50.30 for each Dollar Thrifty share in cash while Avis' current bid is at $53.41 per share. Wall Street analysts belive this will remove overhead resistance on Dollar Thrifty shares and we should see them rise to match Avis' offer.
