Hertz raises bid for Dollar Thrifty

In a deal that involves both cash and stock, Hertz has raised its bid for Dollar Thrifty. Now, the total money involved in it is $1.56 billion or $50 per share.

Now, the approval from Dollar's board is awaited. It is said that the deal includes $43.60 in cash while the rest of the money will be in stock.

Originally, Hertz was offering to by stake for $41. And now, the shareholders of Dollar will be paid $10.80 as cash consideration.

The meeting about the final decision was to take place on Thursday which was further postponed so that the shareholders get more time. Some of the shareholders of Dollar are said to have already rejected the offer that was made by Avis Budget Group. It was offering $1.3 billion in cash and stock deal.

The new agreement also consists of an unchanged breakup of $44.6 billion. This is from the original proposal. It, however, does not include the breakup fee that Hertz promised to pay Dollar in case the deal fails.

There is also news that Hertz is divesting in Rent-a-Car facility.