Hertz Global Holdings on Monday commenced its tender offer for Dollar Thrifty Automotive Group.

On Aug. 26, Hertz agreed to acquire each of Dollar Thrifty’s outstanding shares of common stock for $87.50 per share, a deal worth about $2.6 billion.

Dollar Thrifty’s board of directors has recommended that its shareholders accept the offer.

The tender offer expires at the end of day on Oct. 5.

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