Hertz Global Holdings Inc. announced Oct. 27 that it is withdrawing its exchange offer for all outstanding shares of Dollar Thrifty Automotive Group Inc. (DTG), according to an investor relations press release.
Hertz decided to withdraw its exchange offer at this time in light of DTG's plan to commence a share repurchase program and because of current market conditions. DTG also took itself out of the solicitation process back on Oct. 11, after receiving no bids that its board approved.
Hertz continues to believe that a merger with DTG is in the best interests for both companies. Hertz remains engaged with the Federal Trade Commission (FTC) to secure antitrust clearance for the proposed transaction.
Once antitrust clearance has been obtained, Hertz will reassess the appropriate price and other terms of the proposed transaction based on DTG's share repurchase program, its performance, outlook and prevailing market conditions at that time.
Hertz could not be reached for an immediate statement.