Dollar Thrifty's 'Go Shop' Period Is Closed
Last week, Dollar Thrifty Automotive Group announced that its 'go-shop' period, in which the company had to review any competing solicitations before moving forward on the Hertz deal, has ended.
Dollar Thrifty Automotive Group Inc. (DTAG) announced Sept. 26 the expiration of the "go-shop" period established pursuant to the terms of its previously announced merger agreement with Hertz.
The "go-shop" period expired at 11:59 p.m., Eastern time, on Sept. 25, 2012. During the "go-shop" period, Dollar Thrifty's financial advisers solicited inquiries from third parties relating to any competing acquisition proposals. According to DTAG, no third-party submitted a proposal to acquire the company during the "go-shop" period.
The tender offer that was received from Hertz on Sept. 10 to acquire DTAG is scheduled to expire at midnight, Eastern time on Oct. 5, 2012, unless the tender offer is extended in accordance with the merger agreement and the applicable rules and regulations of the SEC.
As of this writing, shareholders at DTAG must still approve of the deal. Dollar Thrifty's board of directors unanimously recommends that stockholders accept the tender offer and tender their shares into the tender offer, and if required under applicable law, vote in favor of the adoption of the merger agreement and approval of the merger and the other transactions contemplated by the merger agreement.
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