The $935 million buy-in of Avis Group Holdings, Inc. seemed to soften a bit last Wednesday afternoon, but tightened up by press time and appeared on solid ground. Specifics about the financing, though, were scarce. Cendant Corp.’s $33-per-share cash deal for the 82% of Garden City, N.Y.-based Avis it doesn’t own is scheduled to close on March 31, 2001, said a source in the office of Cendant Chairman and Chief Executive Officer Henry Silverman. Last Wednesday, Avis stock dipped to as low as $32.38 per share and closed six cents down on the day at $32.50. By comparison, Avis’s peers in the car rental sector closed slightly up that day-$3.6 billion market cap Hertz Corp. closed at $33.94 per share, up 13 cents, and $435 million market cap Dollar Thrifty Automotive Group Inc. closed up 44 cents to $18.38 a share. Even a smaller competitor, $135 million market cap ANC Rental Corp., operator of the Alamo and National car rental chains, closed up 31 cents at $3.25 per share. Another tiny player in the space, $9 million market cap Rent-A-Wreck of America Inc. held its own that day, closing unchanged at $1.84 per share.
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