NEW YORK (Reuters) -- Car rental company Dollar Thrifty Corp. on Tuesday rebuffed a takeover bid from Avis Budget Group that trumps one it has already agreed to with rival Hertz Global Holdings Inc., because of uncertainty about Avis' ability to close the deal.
Avis put in its $1.35 billion cash and stock bid for Dollar Thrifty last week. At the end of trading on Tuesday, the bid was about 18 percent higher than the Hertz deal, which Dollar Thrifty agreed to in April.
In the current cost conscious environment, budget brands like Dollar Thrifty -- one of the few major car rental brands to post a profit in 2009 -- are increasingly important.
Dollar Thrifty, in a letter to Avis Chairman Ronald Nelson, said it was problematic that Avis was unwilling to provide a reverse termination fee in its offer.
The company also said Avis' advisers did not provide analytical data supporting their antitrust position.