Hertz Buying Dollar Thrifty for $1.2 Billion

April 26, 2010  |  

(CNNMoney.com) — Hertz is buying Dollar Thrifty in a $1.2 billion deal that combines two of the most prominent players in the car rental business.

Hertz Global Holdings (HTZ, Fortune 500) said late Sunday that it has agreed to buy its rival for $41 a share in cash and stock.

The $41 a share purchase price represents just a 5.5% premium over Dollar Thrifty Automotive Group’s (DTG) Friday closing price of $38.85 a share.

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