Hertz to Buy Dollar Thrifty for $1.17 Billion
This image provided by Michelin North America shows the cover of ?The Caribbean... Like a Local,? part of a new series of travel guidebooks by Peter Greenberg, travel editor for CBS News. The series, which also includes books on Buenos Aires, Miami and the Keys, New Orleans and Cuba, is designed to help travelers immerse themselves in a destination by providing recommendations for authentic places to stay, eat and experience local culture. (AP Photo/Michelin North America)
Hertz says the deal will give it an additional 1,550 additional locations, boosting its total to 9,800. It says it will boost its leisure rental business in Europe and elsewhere.
Hertz says its bid values Tulsa, Okla.'s Dollar Thrifty at $41 per share, a 5.5 percent premium to Friday's closing price of $38.85.
The offer is made up of 80 percent cash and 20 percent Hertz stock.
Hertz, based in Park Ridge, N.J., expects the deal to start adding to profits immediately.
Hertz separately is reporting a smaller first-quarter loss.
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