Shares of Dollar Automotive Group (DTG) were one of the bright spots amid today’s carnage, rising 85 cents, or 1.7%, to $51.55.
The company after market close issued a response to Avis Budget Group’s (AVIS) somewhat angry letter of yesterday in which it chided Dollar’s management for agreeing to be bought by Hertz Global Holdings (HTZ) without even entertaining Avis’s offer.
The company’s board said it will entertain a “substantially higher bid” from Avis. But the tone was not friendly, with the letter accusing Avis of having mis-stated several points in its characterization of the deal with Hertz.
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