Hertz Global Holdings Inc. today affirmed that its merger agreement to acquire Dollar Thrifty at a purchase price equivalent to $50.25 (at the Sept 23 closing share price for Hertz of $10.45) is Hertz's best and final offer. Hertz also expressed confidence that Dollar Thrifty shareholders would approve the merger transaction at their scheduled Sept. 30, 2010 meeting, thereby clearing the way for a closing later this year.

Mark P. Frissora, Hertz's chairman and chief executive officer, said, "Our agreement with Dollar Thrifty provides its shareholders with a substantial premium, deal certainty and a clear path to deal closure by year end. We have made our best and final offer, and we believe that it is in the best interest of Dollar Thrifty shareholders to vote in favor of the transaction on September 30. We have antitrust clearance in Canada, unlike Avis, and our progress with the U.S. government makes us highly confident that we can close the transaction in a timely manner within the framework of our merger agreement. As previously disclosed, we have commenced the divestiture of Advantage Rent-a-Car, and we have identified several potential buyers."

Frissora added, "We expect to close the transaction before the end of the year. A vote against the deal would be a lost opportunity for the Dollar Thrifty shareholders. Avis's proposal raises serious antitrust risks that our agreement does not, which is why Avis has repeatedly refused to match our agreement to pay a substantial termination fee if the transaction fails for antitrust reasons. Failure to approve the Hertz agreement could leave Dollar Thrifty without any transaction, a sub-optimal outcome for its shareholders," Frissora concluded.