Avis Drops Dollar Thrifty Bid, Leaving Hertz to Close Deal

Avis Budget Group Inc., the U.S. auto-rental chain, said it will abandon its $1.56 billion bid to acquire Dollar Thrifty Automotive Group Inc., leaving Hertz Global Holdings Inc. as the lone remaining suitor.

“We have decided not to pursue a transaction at this time in light of current market conditions,” Parsippany, New Jersey-based Avis said today in a regulatory filing. Avis also is trying to raise money in the debt markets to finance its acquisition of Avis Europe Plc for 636 million pounds ($1 billion).