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Dollar Thrifty recommends no action on Hertz' exchange offer.


The board of US car rental group Dollar Thrifty (NYSE:DTG) advised shareholders on Monday to take no action regarding rival Hertza[euro](tm) (NYSE:HTZ) USD72.00 (EUR49.20) per share cash and stock takeover offer, due to uncertainties related to the competition regulatory process.

Hertz announced on 24 May plans to start an exchange offer for Dollar Thrifty in an effort to accelerate completion of the deal.

After Hertz's first bid for its smaller rival was turned down last September, it made a revised offer in May to acquire Dollar Thrifty for USD2.08bn and trump the proposal by Avis Budget.

Dollar Thrifty reiterated in a press release today that it was working with both, Hertz and Avis Budget, towards getting regulatory approvals, adding that the board may change its recommendation to shareholders if the circumstances of the regulatory process change.

JP Morgan Securities LLC, Goldman Sachs & Co (NYSE:GS) and Cleary Gottlieb Steen & Hamilton LLP are advising Dollar Thrifty.Country: , USASector: Motor Vehicles, Business and Consumer ServicesTarget: Dollar Thrifty Automotive Group IncBuyer: Hertz Global Holdings IncDeal size in USD: 2bnType: Corporate acquisitionFinancing: Cash & StockStatus: Bidding

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Publication:M & A Navigator
Date:Jun 6, 2011
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