In separate statements issued this week, both Hertz Global Holdings, Inc. and Dollar Thrifty Automotive Group, Inc. have announced that they have agreed to cooperate with respect to Hertz's efforts to pursue antitrust regulatory clearance of its proposed acquisition of Dollar Thrifty.
Hertz reiterated in the statement that it is committed to working expeditiously with the FTC and Dollar Thrifty to obtain antitrust clearance. To this end, Hertz is engaged in discussions with the FTC and has commenced a process for the divestiture of its Advantage brand.
Hertz Chairman and Chief Executive Officer Mark P. Frissora said: "Obtaining antitrust clearance is our top priority. We are committed to offering deal certainty to the Dollar Thrifty shareholders. To date, Avis Budget has been unable to produce a viable antitrust remedy, despite recent press speculation and an entire year of discussions with the FTC. We are pleased that Dollar Thrifty is willing to work proactively with us to move through the antitrust review process as quickly as possible."
In Dollar Thrifty's statement, the company reiterated that Dollar Thrifty's Board of Directors will review and consider Hertz's exchange offer, which has not yet been commenced, in accordance with its fiduciary duties to Dollar Thrifty shareholders. Pending such review, Dollar Thrifty shareholders are advised to take no action regarding the exchange offer.
As previously reported, Dollar Thrifty is also cooperating with Avis Budget Group, Inc. in connection with its efforts to pursue antitrust regulatory clearance of an acquisition of all outstanding shares of Dollar Thrifty common stock.