Deals
Hertz, Dollar Thrifty Climb to One-Year Highs on Purchase Plan
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Hertz Global Holdings Inc., the world’s largest car-rental company, and Dollar Thrifty Automotive Group Inc. climbed to more than one-year highs on Hertz’s plan to buy Dollar for $1.2 billion in cash and stock.
The offer was worth $41 a share, Park Ridge, New Jersey- based Hertz said today, 5.5 percent more than its April 23 closing price. Dollar ended today at $43.07, exceeding the value as the buyer’s shares rose and investors may expect Hertz to pay more. Hertz gained 14 percent to the highest since February 2008.