Avis Reaffirms Commitment to Acquire Dollar Thrifty

Avis Budget Group Inc. issued yesterday the following statement regarding the Dollar Thrifty Automotive Group Inc. stockholder vote and Avis Budget's commitment to pursue the acquisition of Dollar Thrifty:

Dollar Thrifty stockholders' rejection of the proposed merger with Hertz Global Holdings Inc. represents a key milestone in Avis Budget's plan to acquire Dollar Thrifty.

As previously announced, Avis Budget intends to continue to diligently pursue antitrust clearance and will commence an exchange offer for Dollar Thrifty's shares at our recent offer price within the next 10 business days. We also stand ready to sign the merger agreement previously provided to Dollar Thrifty, amended to include a $20 million reverse termination fee.

As Hertz has stated its intention to immediately terminate its merger agreement and end all efforts to acquire Dollar Thrifty, Avis Budget looks forward to engaging with Dollar Thrifty.

Citigroup and Morgan Stanley & Co. Incorporated are acting as financial advisors to Avis Budget Group, and Kirkland & Ellis LLP and Arnold & Porter LLP are acting as legal counsel.

Comments

  1. Jerry [ October 5, 2010 @ 12:53PM ]

    as bad a deal as Hertz was for DTG, Avis/Budget would be 100% worse. remember when Avis took over Buidget? ever try to get service from Budget for years after that? i use to rent from Budget, and all i heard was how Avis was screwing the Budget folks, Dollar has a good company, and they know what they are doing, leave them be

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