Tagged Avis Budget Group
August 4, 2010
In regards to the Hertz merger, Dollar Thrifty takes issue with "Avis Budget's unwillingness to provide a reverse termination fee," which DTAG interprets as a "lack of confidence by Avis Budget in its position" in regards to its ability to remediate any competitive issues and antitrust risks.
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July 29, 2010
Bid of $46.50 a share tops Hertz offer, though lower than Dollar Thrifty’s current stock value. Avis bid includes “removing the matching rights, eliminating the break-up fees, and increasing the commitment to secure antitrust approvals,” according to an Avis Budget Group letter to Dollar Thrifty.
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July 28, 2010
Although Dollar Thrifty has already signed a merger agreement with Hertz Global Holdings, Avis has expressed interest in making a ‘substantially higher bid’ for the company.
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July 14, 2010
Avis is looking to take on more debt to finance the deal. The offer, which would top Hertz’s $1.2 billion bid, could come in late July or early August.
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July 7, 2010
The car rental company expects second quarter improvements on guidance, though it is lowering revenue guidance, along with fleet costs, for full year 2010. Avis Budget bid likely before Aug. 18, analysts say.
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June 16, 2010
Avis expects the regulatory review process to take several months and believes it is under no immediate pressure to bid for Dollar, according to people familiar with the situation.
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June 16, 2010
Industry analysts caution that the FTC’s second request should not be viewed as either leaning toward approval of or against the acquisition.
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May 14, 2010 in Legislative, Rental Operations
The car rental company said it plans to file this week for a Federal Trade Commission antitrust review of its proposed purchase of Dollar Thrifty Automotive Group Inc. Hertz also made a filing with the Securities and Exchange Commission on Tuesday that outlined its views on the advantages of combining with Dollar Thrifty.
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May 5, 2010
Excluding unusual items, first quarter EBITDA was $39 million and pretax loss was $25 million, compared with an EBITDA loss of $3 million and a pretax loss of $63 million in the prior year first quarter.
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May 3, 2010
Ronald Nelson, Avis Budget’s chairman and chief executive officer, sends a letter to Dollar Thrifty’s executives and says the company wants to make a “substantially higher offer” than Hertz.
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