What's the opposite of the winner's curse? It seems that the biggest winner of the Hertz deal to buy Dollar Thrifty for $2.6 billion was actually Hertz's mortal enemy, Avis Budget.
Avis Budget Group, which made an offer for the car rental company last year, is walking away from the bid, potentially paving the way for Hertz Global to cement a deal.
Avis Budget Group said Tuesday that it would buy Avis Europe for $1 billion, in a sign that the car rental company may be moving on from its long campaign to take over Dollar Thrifty.
Avis Budget is dropping its more than yearlong effort to acquire Dollar Thrifty, leaving Hertz Global Holdings Inc. as the sole bidder for Dollar Thrifty.
Avis Budget plans to acquire Avis Europe for about $1 billion, a deal that could leave the fate of Avis Budget's bid for U.S. car-rental rival Dollar Thrifty up in the air.