Ahead of the Bell: Hertz gets OK for Thrifty deal
NEW YORK (AP) — Shares of Hertz gained in premarket trading Friday after the car rental agency got clearance from the government to gobble up rival Dollar Thrifty.
Hertz Global Holdings Inc. is buying Dollar Thrifty Automotive Group Inc. for $2.3 billion.
As part of its approval of the deal, the Federal Trade Commission required Hertz to sell its Advantage business and 29 Dollar Thrifty sites at airports around the country.
Hertz had already agreed to sell Advantage to Franchise Services of North America and Macquarie Capital in a deal connected to its purchase of Dollar Thrifty.
Hertz's tender offer for Dollar Thrifty shares is expected to close Friday.
Shares of the Park Ridge, N.J., company added 40 cents, or 2.8 percent, to $14.65 in premarket trading.