João-Pierre arrived in 1997 at the door of NJBIZ, then known as Business News New Jersey, as an intern and was hired that same year as a staff writer. For more than 12 years he has covered the retail, technology, and media industries in the state. He also handles principal online news writing at NJBIZ.com. João-Pierre is a lifelong resident of the state and graduated from Rutgers University. 
Vehicle rental company Avis Budget Group Inc., in Parsippany, said Wednesday it offered $1.33 billion to acquire Dollar Thrifty Automotive Group Inc. Rival Hertz Global Holdings Inc., in Park Ridge, entered into a definitive $1.17 billion agreement in April to acquire Dollar Thrifty, based in Tulsa., Okla.
Avis issued a letter to Dollar Thrifty’s board making its own case for an acquisition.
Avis offered $46.50 per share of Dollar Thrifty stock, compared with Hertz’s $41-per-share offer. Avis would pay $39.25 per share in cash and 0.6543 shares of Avis Budget stock. To sweeten the deal, Avis said its merger agreement offers much of the same terms as the Hertz offer, though it includes the removal of matching rights and eliminates breakup fees. The Hertz agreement includes a $44.6 million breakup fee if Dollar Thrifty turns down the deal. Avis said it made the changes to the agreement to address certainty of closing and to level the playing field between companies.
Further, Avis said in its letter, Hertz should be required to adopt the same provisions in its merger deal if its competing offers continue to be considered by Dollar Thrifty.
Calls to Avis and Dollar Thrifty were not immediately returned. Hertz declined to comment pending Dollar Thrifty's review of the new bid.
E-mail João-Pierre Ruth at jpruth@njbiz.com
Follow me on Twitter @jpruth
