BANGALORE (Reuters) - Hertz Global Holdings said it would not raise its offer further for Dollar Thrifty , a day after rival Avis Budget sweetened its bid for the car rental company.
Dollar Thrifty shares fell 2 percent in early trade to $51.14, while Hertz rose more than 4 percent to $10.88 on the New York Stock Exchange.
In a statement, Hertz said its raised bid earlier this month was its "best and final" offer.
On September 12, Dollar Thrifty accepted Hertz's increased offer, currently worth around $1.44 billion, or $50.25 in cash and stock for each Dollar Thrifty share.
On Thursday, Avis Budget
Dollar Thrifty has rejected Avis' two previous bids due to worries that the company may not be able to close its bid for antitrust reasons.
In a statement Friday, Hertz said it was confident of getting Dollar Thrifty shareholders' approval for its offer.
"We have antitrust clearance in Canada, unlike Avis, and our progress with the U.S. government makes us highly confident that we can close the transaction in a timely manner within the framework of our merger agreement," Hertz CEO Mark Frissora said.
Dollar Thrifty's shareholder are set to vote on the Hertz deal at a meeting scheduled for September 30.
(Reporting by A.Ananthalakshmi in Bangalore; Editing by Saumyadeb Chakrabarty)
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