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Avis tops Hertz bid for Dollar Thrifty

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Avis tops Hertz bid for Dollar Thrifty

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The bidding battle is hotting up for low-cost US rental chain Dollar Thrifty.

Avis has raised its offer to the equivalent of 1.13 billion euros in cash and stock.

That is about five percent higher than a bid from Hertz, which Dollar Thrifty’s board has accepted and which shareholders are due to vote on next week.

Avis said: “We continue to believe in the merits of an Avis Budget-Dollar Thrifty transaction, and we are therefore increasing the cash portion of our offer from $40.75 to $45.79 per share.”

A statement from Avis also said it could raise its offer further: “We believe that the increased value is warranted based on improving fundamentals in the industry and at Dollar Thrifty in particular.”

Any takeover will need competition authority approval.