As a result of the FTC consent order, Hertz will be required to provide the company, or another FTC-approved buyer, with the right to operate on-airport concessions at an additional 13 airports.
Hertz revised earlier statements on the number of on-airport Dollar Thrifty locations it will have to divest, but said it has completed purchasing 99.6% of the shares of Dollar Thrifty common stock.
According to the FTC’s complaint, Hertz’s original proposed acquisition of Dollar Thrifty would be anticompetitive and would violate both Section 5 of the FTC Act and Section 7 of the Clayton Act, in a number of airport car rental markets.
Hertz said it is assisting the Federal Trade Commission in its review of the case by addressing ‘matters raised by the Commissioners and the staff.’
Franchise Services of North America and its partner Macquarie Capital have signed a purchase agreement with the Hertz Corp. to acquire Advantage Rent-A-Car once certain divested assets from Dollar Thrifty meet regulatory requirements.
The deal is valued at $2.3 billion and $87.50 per share. Hertz will also sell Advantage to Franchise Services of North America and Macquarie Capital.
Revenues flat, but net income up on rental day growth and a strong used vehicle market. Company calls for “compelling offer to be made” in regards to a Hertz merger to end “the constant distraction of merger speculation.”
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.’
Hertz has received a request for additional information from the FTC relating to Hertz's proposed acquisition of Dollar Thrifty.
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