P.M. BRIEFING : Chrysler to Buy Thrifty Rent-A-Car
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SAN FRANCISCO — Chrysler Corp. will acquire Thrifty Rent-A-Car for $263 million under an agreement announced today by Chrysler Chairman Lee Iacocca.
Iacocca told stockholders at the auto giant’s annual meeting here that the tender offer for the Tulsa-based rental company worked out to $27.75 a share.
Thrifty, with more than 650 locations worldwide and an average fleet size of more than 33,000 vehicles, is the fifth largest auto rental company in North America. Chrysler officials said it operates the largest and oldest off-airport rental network.
Iacocca said Thrifty’s management will remain in place and will continue operations from Tulsa.
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