Hertz Extends Timing Agreement and Offer Expiration for Dollar Thrifty

In two separate announcements, Hertz said that it is extending the timing agreement with the Federal Trade Commission (FT) and is extending the deadline of the tender offer to acquire Dollar Thrifty Automotive Group.

On Oct. 18, Hertz announced that it agreed to extend the terms of its timing agreement with the FTC until Nov. 16, 2012. Originally, the FTC said that it would complete the review of the merger by Oct. 30.

“Hertz and Dollar Thrifty will continue to assist the FTC in its review of the relevant information and are continuing to work with the FTC to address matters raised by the Commissioners and the staff,” Hertz said in the extension announcement. “There can be no assurance as to what actions the FTC may take in connection with the proposed acquisition.”

Following that announcement, Hertz said on Oct. 22 that it is extending the expiration date of its tender offer for Dollar Thrifty. The deals was supposed to expire on Oct. 22 — after the company’s first extension from Oct. 5 — and is now set to expire at 5 p.m. Eastern time on Nov. 5, 2012.
“Except for the extension of the tender offer expiration date, all other terms and conditions of the tender offer remain unchanged,” Hertz said.

The two companies announced in late August that they had come to a merger agreement, in which Hertz would purchase all outstanding Dollar Thrifty shares at $87.50 per share at a total value of about $2.3 billion.

You can read all past merger news on the two companies here.

Comment On This Story

Name:  
Email:  
Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

 
 

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

What a Connected Fleet Means to Avis (and Car Rental)

Counter bypass is just the beginning. The promise of a “data-driven ecosystem” that connects renters with the rental agency, retail services, and even the city is a better managed fleet, an improved user experience, and new revenue opportunities during the rental itself.

Should Peer-to-Peer Renters Pay Airport Car Rental Fees?

The question is central to the City of San Francisco’s lawsuit against Turo for operating without a permit at San Francisco International Airport.

Hard Times Ahead for the Compact SUV Segment?

The hottest segment today is facing a glut of models and volume in tomorrow’s wholesale market.

Job Finder: Access Top Talent. Fill Key Positions.

>