Hertz is paying the price for being thrifty seven months ago. The No.2 U.S. car rental company walked away from a bidding war against Avis Budget Group for Dollar Thrifty Automotive Group in September, only to return on Monday with an offer far above what shareholders say could have sealed the deal back then. Hertz Global Holdings Inc's (HTZ.N) new bid values Dollar Thrifty Automotive Group Inc (DTG.N) at nearly $2.1 billion in cash and stock, more than 30 percent higher than its previous bid and far above the $1.7 billion bid from Avis Budget Group Inc. (CAR.O) "They didn't want to overpay. But now look at how much they had to come back with," said King She, an analyst at Susquehanna International Group specializing in takeovers.
Hertz Global Holdings, Inc. (Hertz Holdings) is a worldwide airport general use car rental brand, operating from approximately 8,500 locations in 146 countries as of December 31, 2010. Shares of HTZ remained unchanged at $16.68. In the past year, the shares have traded as low as $8.36 and as high as $17.64. On average, 5203920 shares of HTZ exchange hands on a given day and today's volume is recorded at 0.
Dollar Thrifty Automotive Group, Inc. (DTG) is engaged in the business of the daily rental of vehicles to business and leisure customers through company-owned stores. Shares of DTG remained unchanged at $79.27. In the past year, the shares have traded as low as $40.53 and as high as $79.44. On average, 671952 shares of DTG exchange hands on a given day and today's volume is recorded at 0.
Avis Budget Group, Inc. (Avis Budget) provides car and truck rentals and ancillary services to businesses and consumers in the United States and internationally. Shares of CAR remained unchanged at $18.47. In the past year, the shares have traded as low as $8.57 and as high as $19.49. On average, 1704690 shares of CAR exchange hands on a given day and today's volume is recorded at 0.
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