Reportedly, the tipping point was Hertz's decision to offer more than $87 per share, surpassing the closing price of of $81 per share on the New York Stock Exchange.
To make sure the move wins regulatory approval, Hertz has agreed to sell its budget brand Advantage to Franchise Services of North America (FSNA) and Macquarie Capital.
Hertz Global Holdings Inc. is a leading American rental car company with offices in 145 countries worldwide.
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