Hertz Near Deal to Buy Dollar Thrifty: Reports

NEW YORK ( TheStreet) -- Hertz Global ( HTZ) is close to a deal to acquire Dollar Thrifty ( DTG), according to published media reports.

Citing anonymous sources familiar with the situation, Bloomberg and The Wall Street Journal reported that under the deal being discussed, Hertz would buy its car rental rival for $87.50 a share. That would be an 8% premium to Dollar Thrifty's closing price Friday of $81.

Bloomberg reported that the transaction would be all-cash and valued at about $2.56 billion, based on Dollar Thrifty's latest quarterly filing with regulators.

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The Wall Street Journal reported that the boards of both companies were expected to meet Sunday and that a transaction could be announced as early as Monday.

Hertz has been trying to acquire Dollar Thrifty for more than two years, but Dollar Thrifty's shareholders rejected a 2010 offer, and Hertz withdrew another offer last year, Bloomberg noted.

Shares of Hertz closed Friday at $13.15.

This article was written by a staff member of TheStreet.

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