Avis Budget Group

Avis Budget Group rose the most in almost three years after forecasting annual adjusted profit of $2.35 to $2.65 a share, which would top estimates. Analysts in a Bloomberg survey had predicted $1.59, on average. Fleet costs in North America will be 3 to 8 percent lower than originally forecast, Avis said. "Our recent experience in selling used vehicles in North America has been outstanding, and we have revised our outlook for fleet costs accordingly," chief financial officer David Wyshner said.

Avis Budget Group rose the most in almost three years after forecasting annual adjusted profit of $2.35 to $2.65 a share, which would top estimates. Analysts in a Bloomberg survey had predicted $1.59, on average. Fleet costs in North America will be 3 to 8 percent lower than originally forecast, Avis said. "Our recent experience in selling used vehicles in North America has been outstanding, and we have revised our outlook for fleet costs accordingly," chief financial officer David Wyshner said.

NEW YORK - Dollar Thrifty Automotive Group has sent a letter to Hertz Global Holdings Inc. and Avis Budget Group seeking each company's "best and final" proposals for a possible merger. The proposals should be submitted by early October, Oklahoma-based Dollar Thrifty said. "Continuing uncertainty is in no one's best interest and both Hertz and Avis have the information they need to put forward their best and final offers," Thrifty's chief executive, Scott Thompson, said in a prepared statement.

Stocks that moved substantially or traded heavily Thursday on the New York Stock Exchange and Nasdaq Stock Market: NYSE General Motors Co., up $2.24 at $27.17 The automaker said that strong China and U.S. sales helped the it turn a profit of $7.6 billion in 2011, its largest ever. Advance America, Cash Advance Centers Inc., up $2.53 at $10.44 The payday lending company was bought by Mexican financial services company Grupo Elektra in a deal worth about $780 million.

CHICAGO — Dollar Thrifty Automotive Group shareholders have rejected a buyout offer from Hertz, giving an opening for rival bidder Avis Budget Group’s offer for the car rental company. The company said 11.8 million votes were cast for Hertz at a special shareholder meeting yesterday in Chicago, while 13.8 million shares were cast against the deal. There were 4,735 abstentions. Dollar Thrifty’s board had said it preferred Hertz’s offer to one by Avis. Chief executive Scott Thompson said the company respects the vote of its shareholders.

TULSA, Okla. — Dollar Thrifty Automotive Group rebuffed a counteroffer from Avis Budget Group yesterday, saying it would continue with a competing acquisition bid by Hertz Global Holdings Inc. But in a letter to Avis Budget, executives at Dollar Thrifty did not shut the door on talks with its suitor, either. “We stand ready to review and consider any modifications you may wish to make to your proposal,’’ Dollar Thrifty chief executive Scott L. Thompson wrote to the head of Avis Budget.

TULSA, Okla. - Car-rental company Dollar Thrifty Automotive Group is taking itself off the market after failing to get any acceptable takeover proposals from Hertz or anybody else. Not too long ago Dollar Thrifty found itself being pursued by both Hertz Global Holdings Inc. and Avis Budget Group . But Avis took itself out of the bidding in mid-September, leaving Hertz as the lone bidder. Dollar Thrifty said yesterday that it had given suitors until Monday to submit their "best and final" offers.

NEW YORK - Avis Budget Group said yesterday that it's dropping its bid to buy rival rental car company Dollar Thrifty, citing current market conditions. The Parsippany, N.J.-based company said in a regulatory filing that while it has made significant progress toward getting antitrust approval for a deal, and believes it could get a deal approved, buying Dollar Thrifty Automotive Group isn't in its best interest anymore. Avis's decision to bow out leaves Hertz Global Holdings as Dollar Thrifty's lone suitor, following a tug of war between Hertz and Avis that has dragged on...

Stocks that moved substantially or traded heavily Thursday on the New York Stock Exchange and Nasdaq Stock Market: NYSE General Motors Co., up $2.24 at $27.17 The automaker said that strong China and U.S. sales helped the it turn a profit of $7.6 billion in 2011, its largest ever. Advance America, Cash Advance Centers Inc., up $2.53 at $10.44 The payday lending company was bought by Mexican financial services company Grupo Elektra in a deal worth about $780 million.

CHICAGO — Hertz Global Holdings Inc. said yesterday it has agreed to buy rival Dollar Thrifty Automotive Group for about $1.17 billion in cash and stock as it tries to expand its vacationer business. Shares of both companies soared. The deal will give Hertz, already the world’s largest car rental company by locations, a third more sites around the globe, boosting its total to 9,800. More importantly, it will give Hertz’s leisure segment a much-needed boost when it assumes control of the company’s Dollar and Thrifty brands.

TULSA, Okla. - Car-rental company Dollar Thrifty Automotive Group is taking itself off the market after failing to get any acceptable takeover proposals from Hertz or anybody else. Not too long ago Dollar Thrifty found itself being pursued by both Hertz Global Holdings Inc. and Avis Budget Group . But Avis took itself out of the bidding in mid-September, leaving Hertz as the lone bidder. Dollar Thrifty said yesterday that it had given suitors until Monday to submit their "best and final" offers.

NEW YORK - Avis Budget Group said yesterday that it's dropping its bid to buy rival rental car company Dollar Thrifty, citing current market conditions. The Parsippany, N.J.-based company said in a regulatory filing that while it has made significant progress toward getting antitrust approval for a deal, and believes it could get a deal approved, buying Dollar Thrifty Automotive Group isn't in its best interest anymore. Avis's decision to bow out leaves Hertz Global Holdings as Dollar Thrifty's lone suitor, following a tug of war between Hertz and Avis that has dragged on...

NEW YORK - Dollar Thrifty Automotive Group has sent a letter to Hertz Global Holdings Inc. and Avis Budget Group seeking each company's "best and final" proposals for a possible merger. The proposals should be submitted by early October, Oklahoma-based Dollar Thrifty said. "Continuing uncertainty is in no one's best interest and both Hertz and Avis have the information they need to put forward their best and final offers," Thrifty's chief executive, Scott Thompson, said in a prepared statement.

CHICAGO — Dollar Thrifty Automotive Group shareholders have rejected a buyout offer from Hertz, giving an opening for rival bidder Avis Budget Group’s offer for the car rental company. The company said 11.8 million votes were cast for Hertz at a special shareholder meeting yesterday in Chicago, while 13.8 million shares were cast against the deal. There were 4,735 abstentions. Dollar Thrifty’s board had said it preferred Hertz’s offer to one by Avis. Chief executive Scott Thompson said the company respects the vote of its shareholders.

TULSA, Okla. — Dollar Thrifty Automotive Group rebuffed a counteroffer from Avis Budget Group yesterday, saying it would continue with a competing acquisition bid by Hertz Global Holdings Inc. But in a letter to Avis Budget, executives at Dollar Thrifty did not shut the door on talks with its suitor, either. “We stand ready to review and consider any modifications you may wish to make to your proposal,’’ Dollar Thrifty chief executive Scott L. Thompson wrote to the head of Avis Budget.

CHICAGO — Avis Budget Group Inc. plans to trump a rival’s bid for Dollar Thrifty Automotive Group Inc., saying the rental car company agreed to sell itself too cheaply. In a letter to two top executives at Dollar Thrifty, Avis’s chairman and chief executive said he wants Dollar Thrifty to open its books before his company makes a “substantially higher’’ counter to the $1.17 billion offer from Hertz Global Holdings Inc. That sent shares of Dollar Thrifty, based in Tulsa, Okla., to a three-year high.

CHICAGO — Avis Budget Group Inc. plans to trump a rival’s bid for Dollar Thrifty Automotive Group Inc., saying the rental car company agreed to sell itself too cheaply. In a letter to two top executives at Dollar Thrifty, Avis’s chairman and chief executive said he wants Dollar Thrifty to open its books before his company makes a “substantially higher’’ counter to the $1.17 billion offer from Hertz Global Holdings Inc. That sent shares of Dollar Thrifty, based in Tulsa, Okla., to a three-year high.

DETROIT -- Warren Avis, a canny entrepreneur who was the first to build a car rental agency around the clientele from airports, died yesterday. He was 92. The founder of Avis Rent A Car and several other businesses died of natural causes at his farm in Ann Arbor, the Avis family said in a statement. A decorated bomber pilot with the Army Air Corps in World War II, Mr. Avis formed his car rental company in 1946 at airports in Miami and Ypsilanti, Mich., with two employees and fewer than 200 cars.

CHICAGO — Hertz Global Holdings Inc. said yesterday it has agreed to buy rival Dollar Thrifty Automotive Group for about $1.17 billion in cash and stock as it tries to expand its vacationer business. Shares of both companies soared. The deal will give Hertz, already the world’s largest car rental company by locations, a third more sites around the globe, boosting its total to 9,800. More importantly, it will give Hertz’s leisure segment a much-needed boost when it assumes control of the company’s Dollar and Thrifty brands.

DETROIT -- Warren Avis, a canny entrepreneur who was the first to build a car rental agency around the clientele from airports, died yesterday. He was 92. The founder of Avis Rent A Car and several other businesses died of natural causes at his farm in Ann Arbor, the Avis family said in a statement. A decorated bomber pilot with the Army Air Corps in World War II, Mr. Avis formed his car rental company in 1946 at airports in Miami and Ypsilanti, Mich., with two employees and fewer than 200 cars.