The bidding battle for control of Dollar Thifty has taken a further twist with Avis raising its offer against rival Hertz to $1.52 billion in cash and stock.
The latest move came a week ahead of a planning meeting of shareholders to vote on a preferred offer by Hertz.
The new offer by Avis, which entered the bidding war in July, values Dollar Thrifty at $53 a share, compared with a $50-a-share offer from Hertz.
The rental-car rivals are fighting for control of Dollar Thrifty to gain additional access to leisure travellers and the premium business sector.
In a direct appeal, Avis said: “We believe it would be beneficial for Dollar Thrifty shareholders if the Dollar Thrifty board of directors engaged in a process to maximize value, rather than letting Hertz dictate timing and process.”
Avis said the increased bid was necessary “based on improving fundamentals in the industry and at Dollar Thrifty in particular”.
Dollar Thrifty has set a special shareholders meeting for September 30 to vote on the Hertz offer.