I started something

1 Oct 2010 By Robert Cyran Follow @rob_cyran

Convenience store chain CoucheTard and car rental firm Hertz are walking away from companies they put into play. Their targets now look set to go to rivals, strengthening the competition. Avoiding bidding wars is usually smart not kicking one off may have been smarter.

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Alimentation CoucheTard has abandoned its $2 billion, $38.50 a share, hostile bid for Casey's General Stores after Japan's 7 Eleven made a nonbinding offer to buy the convenience chain for $40 a share. CoucheTard originally bid $36 a share.

Separately, Dollar Thrifty shareholders rejected an agreed $1.4 billion buyout by Hertz. This clears the way for them to accept a slightly higher offer from Avis, which recently agreed to pay a $20 million break fee to Dollar Thrifty if antitrust regulators reject the combination. The Hertz bid was worth about $50.30 in cash and stock for each Dollar Thrifty share, while Avis has bid about $53.41 for each Dollar Thrifty share. Hertz has said it would drop its bid if Dollar Thrifty investors turned down its bid.

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