Avis Asks Permission to Buy Dollar Thrifty

In what has become a hard to predict battle for the control of rental company Dollar Thrifty, Avis Budget announced today it has filed for permission with federal antitrust authorities to buy Dollar. No details on the financial aspects of the deal have been provided, but Avis says they are comparable with the ones of rival Hertz.

"We continue to believe that the acquisition of Dollar Thrifty by Avis Budget Group would be in the best interests of both companies' shareholders and that the antitrust analysis and clearance timetable for an Avis Budget/Dollar Thrifty transaction are comparable to those associated with a Hertz/Dollar Thrifty transaction," Avis Budget Group CEO Ronald L. Nelson said in a release.

"An Avis Budget/Dollar Thrifty transaction would yield significant synergies and efficiencies, and enhance Dollar Thrifty's ability to compete against Enterprise, the industry's largest player, Hertz, the industry's highest-share brand, and others in the intensely competitive car rental market. We are pleased to have taken this affirmative step toward a Dollar Thrifty transaction."

The Dollar Thrifty saga began in early May, when Hertz Global Holdings made an offer an even struck a deal to buy Dollar for $41 per share and a total of $1.2 billion. Avis stepped in a few days later, saying it has a killer offer for Dollar.

Avis was already granted access to Dollar's books, with the apple-of-discord company saying it is considering selling itself to Avis, while still moving forward with Hertz's offer.