In September, Dollar-Thrifty rejected an offer from Hertz that added up to about $1.44 billion in cash and stocks. Avis had countered the last bid with an offer of $45.79 per share and .6543 of its shares. The two companies had decided to delay a deal while seeking regulatory approval, but we're guessing Dollar-Thrifty is no longer interested in that deal. And since the bidding war seems to be escalating, some analysts feel that the Hertz bid is likely not the last to come from the competing rental car companies.
While both Avis and Hertz have so far come up empty in their bid to snap up their rival, the biggest winners so far have been Dollar-Thrifty shareholders. The stock has reportedly gone up 79 percent since Hertz first bid for the rental car giant back in April, which has worked to drive up the buy price for the company. A share of Dollar-Thrifty stock was worth only 63 cents early in 2009.