Hertz Adds on Dollar Thrifty Automotive

Hertz Global Holdings (NYSE: HTZ) has agreed to acquire Dollar Thrifty Automotive Group (NYSE: DTG) in a $1.17 billion deal for $41 per share, a 19% premium to Dollar Thrifty's 30-day average closing price. The transaction consists of 80% cash and 20% stock. It is structured with Dollar Thrifty shareholders receiving a $200 million cash dividend from Dollar Thrifty worth about $6.88 per share and $25.92 in cash per share from Hertz and 0.6366 of a Hertz share. Hertz has been majority-owned by Clayton, Dubilier & Rice, The Carlyle Group and BAML Capital Partners since a $14.8 billion LBO in 2005.