No 'Final' Bid from Hertz for Dollar Thrifty
Back on Aug. 21, Dollar Thrifty had asked for final bids from Hertz and Avis, which dropped out Sept. 6. Though Dollar Thrifty did not accept an earlier bid from Hertz, a Hertz spokesperson says ‘Hertz remains interested.’
In a report from Bloomberg, Dollar Thrifty Automotive Group did not receive Hertz’s final bid offering by today’s 5 p.m. deadline. In an announcement on Aug. 14, Dollar Thrifty formally asked Hertz and Avis, which dropped its bid on Sept. 14, for the "final" bids in letters that were sent to both companies.
A Hertz spokesperson told Bloomberg that “Hertz remains interested” and that it is continuing to pursue merger approval from U.S. Federal Trade Commission (FTC), which made a second request for more information from Hertz in August.
Back in May, Hertz had made what it called a "final" exchange offer, but Dollar Thrifty advised its shareholders to not take any action on the offerings of $72 per share.
Dollar Thrifty subsequently announced that it is taking the company off the market.
The Bloomberg article states that Hertz makes up 20 percent of the market share behind Enterprise at 40 percent. Dollar Thrifty accounts for 5.7 percent of industry sales.
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