TULSA, Okla., July 29 (UPI) -- Avis Budget Group Inc. stepped up the bidding for U.S. car rental company Dollar Thrifty with a bid of $46.50 per share, the firm said.
The bid is higher than the $41 per share bid presented by Hertz Global Holdings Inc. in the second quarter but lower than Dollar Thrifty's closing share price Wednesday, which was $48.68 per share, the Tulsa (Okla.) World reported Thursday.
Market observer Neil Abrams at Abrams Consulting Group said, "It's a more than 10 percent premium over Hertz's offer, which is something that the shareholders have to think about and certainly challenge the management of Dollar Thrifty about."
With Hertz managing an Oklahoma City office with 1,700 employees, there is concern Hertz would close down Dollar Thrifty's office in Tulsa, which employs 700, the newspaper said.
Avis, on the other hand, employs 650 people in Tulsa out of 22,000 people employed for the company worldwide.
