Avis Bids for D-TAG

By Associated Press

Tulsa, OK – Avis makes $1.33B bid for Dollar Thrifty

PARSIPPANY, N.J. (AP) Avis Budget Group Inc. says it has offered $1.33 billion in cash and stock for rival rental-car operator Dollar Thrifty Automotive Group Inc.

The bid is an effort to trump Hertz Global Holdings Inc., which in April said was buying Dollar Thrifty for about $1.17 billion in cash and stock.

Avis Budget's bid consists of $39.25 in cash and 0.6543 shares of Avis Budget stock.

Tulsa-based Dollar Thrifty says it will study the offer.

Copyright 2010 The Associated Press.