Avis Budget Group Inc. said Thursday it would increase the cash portion of its offer to buy Dollar Thrifty Automotive Group Inc. to $40.75 a share, from $39.25 a share, according to MarketWatch.
The latest offer includes proceeds of a pre-closing special dividend to be paid by Dollar Thrifty. The offer continues to include 0.6543 shares of its stock for each share of Dollar Thrifty.
Avis Budget said the offer amounts to a premium of more than 22 percent over the Hertz Global Holdings Inc. offer.
"The Avis Budget offer is clearly superior to the Hertz offer in the two ways that matter - we are offering a substantially higher price and a more meaningful divestiture commitment," the company said.