Battle Over Dollar Thrifty Automotive Heats Up

The possible purchase of Dollar Thrifty Automotive Group (NYSE: DTG) by Hertz Global Holdings (NYSE: HTZ) or Avis Budget Group (NASDAQ: CAR) heated up this weekend, as Dollar Thrifty said it wants final offers from the two companies by early October.

Hertz and Avis have been conducting regulatory reviews over the possible purchase of Dollar Thrifty. CEO Scott Thompson said in a letter Sunday that the time has come for offers on his company.

"Continuing uncertainty is in no one's best interest," Thompson wrote in a letter to the CEOs of both companies.

"Based on the results of this process, we will consider what actions would be in the best interests of Dollar Thrifty and its shareholders," Thompson continued.

The Federal Trade Commission requested from Hertz additional information regarding its proposed takeover of Dollar Thrifty earlier this month. Avis is also seeking antitrust approval for its offer.

Avis previously offered $1.7 billion for Dollar Thrifty, while Hertz offered close to $2.1 billion for the car rental company.