Avis to bid for Dollar Thrifty

Car rental firm Avis gatecrashed an agreed deal between Dollar Thrifty Automotive Group and Hertz yesterday, sending Dollar Thrifty’s shares soaring 15 per cent to $50.62 in morning trading. Hertz last week offered to buy Dollar Thrifty for $41 per share, mostly in cash. After Dollar Thrifty investors signalled their dissatisfaction, Avis boss Ronald Nelson said he would step in with a “substantially” higher offer.