Hertz Global Holdings Inc is reviewing Avis Budget Group Inc's bid for Dollar Thrifty Automotive Group , a company spokesperson told Reuters.
We have begun reviewing their bid which we learned about late yesterday afternoon. We would not respond until Dollar Thrifty determines if Avis bid is superior, Hertz spokesman Richard Broome said in an e-mailed statement.
On Wednesday, Avis offered about $1.33 billion for Dollar Thrifty, topping Hertz's offer as the two rivals spar to pick up the budget brand.
Still, Avis' $46.50 per share bid fell about $2 short of Dollar Thrifty's last closing stock price.
Dollar Thrifty, which signed a merger agreement with Hertz in April, said it continues to be bound by the terms of that agreement.
The company will still review and consider the terms of the Avis Budget proposal, it said in a statement late on Wednesday.
Hertz and Avis have already begun the process of getting antitrust approval and have both received second requests from the regulator.
Broome said the U.S. Federal Trade Commission is still reviewing information and data provided by it at their request.
Regarding antitrust approval, there is no update, he said.
Dollar Thrifty shares fell 1 percent to $48.10 in pre-market trade. Avis and Hertz were up marginally in thin trading.
(Reporting by A.Ananthalakshmi in Bangalore; Editing by Gopakumar Warrier)