Dollar Thrifty Automotive Group, Inc. today announced that its Board of Directors unanimously recommends that Dollar Thrifty shareholders not tender their shares pursuant to Hertz Global Holdings, Inc.'s offer to acquire all of the outstanding shares of common stock of Dollar Thrifty for a price of $72.00 per Dollar Thrifty share, consisting of $57.60 in cash and 0.8546 shares of Hertz common stock.
As previously announced, Dollar Thrifty has agreed to cooperate with Hertz in its efforts to pursue antitrust regulatory clearance of Hertz's proposed acquisition of Dollar Thrifty. Dollar Thrifty is also cooperating with Avis Budget Group, Inc. in connection with Avis Budget's efforts to pursue antitrust regulatory clearance of an acquisition of Dollar Thrifty.
"Given the uncertainty surrounding the length and outcome of the regulatory process as Hertz and Avis Budget work towards antitrust clearance, the Board is recommending that Dollar Thrifty shareholders take no action with respect to the Hertz exchange offer at this time. We will be monitoring the antitrust regulatory process and other circumstances carefully, and our Board will reconsider its recommendation if the situation warrants," said Scott L. Thompson, President and Chief Executive Officer.
J.P. Morgan Securities LLC and Goldman Sachs & Co. are acting as financial advisors to Dollar Thrifty and Cleary Gottlieb Steen & Hamilton LLP is acting as Dollar Thrifty's legal counsel.