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.

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