Car rental giant Hertz has begun a cash tender offer to acquire the remaining common stock in takeover target Dollar Thrifty.

Under a deal reached last month, Hertz will purchase Dollar Thrifty for $87.50 per share in cash in a transaction valued at $2.3 billion.

Hertz launched a buyout offer for Tulsa-based Dollar Thrifty in 2010.

It tried again last year with a hostile bid that failed to gain traction.

The current offer has the backing of management at Dollar Thrifty.

“Hertz has made a compelling offer to our stockholders that reflects the strength of our business and our team,” Dollar Thrifty chairman Scott Thompson said earlier.

“Hertz is the logical partner for us with the resources to expand our value-focused leisure brands in key car rental markets around the world.”

In an effort to win Federal Trade Commission approval of the merger, Hertz has reached an agreement to sell its Advantage discount rental car unit.

The FTC has yet to rule on the deal.