Hertz extends offer for Dollar Thrifty shares

PARK RIDGE, N.J. -- Hertz Global Holdings Inc. on Friday extended its tender offer for shares of rival rental car company Dollar Thrifty until Oct. 22.

Park Ridge, N.J.-based Hertz is in the process of acquiring Tulsa, Okla.-based Dollar Thrifty Automotive Group Inc. for $87.50 per share, or about $2.3 billion. The offer, which was previously set to expire on Friday, will now expire on Oct. 22, Hertz said.

Except for the extension, all other terms and conditions of the tender offer remain the same. As of Thursday, about 6.6 million Dollar Thrifty shares had been tendered, Hertz said.

Hertz shares fell 2 cents to $14.54 in midday trading Friday. Its shares are down from a 52-week high of $16.64 on May 3.