Hertz Global Holdings (NYSE:HTZ) buying out one its rivals after more than two years of takeover talks. The number two U.S. car rental company will be acquiring Dollar Thrifty (NYSE:DTG) for $2.3 billion or around $87.50 per share. Both Hertz and another car rental rival, Avis Group, were looking to takeover the smaller competitor, both extending offers in 2010. But, Hertz ended up winning out, almost nearly doubling its first bid of $1.2 billion. The deal’s closing is still subject to regulatory approval. The rental car company will also sell its budget brand Advantage to Franchise Services of North America and Macquarie Capital as part of the acquisition. According to Bloomberg, the sale could be worth $16 million.Hertz and Dollar Thrifty stock are up over 12% and over 7% respectively in early trading.
