Buy Hertz, for $2.30 billion dollar thrifty

Noah Berger / AP

A photo file returns a Ford Mustang in Oakland, California, Hertz location. Hertz has decided, rival dollar thrifty for approx. 2.30 billion $ to buy.

Hertz Global Holdings decided rival Dollar Thrifty Automotive Group for about 2.30 billion $ in a deal that is about 95 percent of the US car rental market in the hands of three companies buy.

The sale ends for dollar thrifty, Hertz, the No. 2 with more than two years of on / off takeover talks. U.S. rental car companies and third place Avis Group Inc, which had been plagued by disagreements over price and doubts about regulatory approval.

The deal consolidates its position as the number two Hertz and Avis is far behind in the third. Private property is the enterprise holdings, with the trademarks of Alamo, national and enterprise by far market leader.

14 Percent in the pre-trade jumped shares of the Park Ridge, New Jersey-based Hertz on Monday while Dollar Thrifty shares 7 percent traded.

Dollar Thrifty, that big final target in an industry that quickly this month urged Hertz has consolidated submit to a convincing or leave it alone.

Hertz will buy dollar thrifty for $87.50 per share in bar, a premium of 8 percent of Dollar Thrifty Friday closing price of $81 on the New York Stock Exchange and nearly Hertz twice as high a $1.20 billion made offer in April 2010.

Avis could make yet another offering. The deal does not carry no charge has break-up with Hertz and Dollar Thrifty may solicit dto offer for 30 days, with the subject familiar person said told of Reuters.

Several top dollar thrifty shareholders told of Reuters last week that she would accept a takeover offer from Hertz, valued the company at more than $87 per share.

The price of Dollar Thrifty increased entry into the tender in 2010 Avis, which at one point during the financial crisis was offered $2 per share from Hertz.

Avis withdrew its offer, after it bought Avis Europe last year for about $1 billion.

"Hertz made has a compelling offer to our shareholders reflecting the strength of our company," said Dollar Thrifty Chief Executive Scott Thompson in a statement.

A bid, regulatory approval for the treatment to win has agreed in Hertz, the budget brand, advantage, to sell franchise services of North America and Macquarie capital. This sale is subject to the dollar thrifty purchase.

Hertz did not specify the price but Bloomberg News reported, quoting a person familiar to the matter that the device for $16 million would be sold.

Advantage competes directly with dollar thrifty budget car rental market.

Franchise Services is under the direction of Sanford Miller, who once was now is part of Avis Budget Group Inc CEO,.

Hertz said on Sunday, that it at least 160 million $ expects annual cost savings from the transaction.

Lazard, Barclays, Bank of America Merrill Lynch and Deutsche Bank are financial advisors and Hertz, while JP Morgan and Goldman Sachs advise Dollar Thrifty.

CNBC Kayla swap Hertz is reports increased his bid for dollar thrifty and look on the takeover offer, with Fred Lowrance, Avondale partners play.

Copyright 2011 Thomson Reuters.