Hertz Affirms DTAG Deal Certainty
Hertz's CEO Frissora calls Avis' letter: "Yet another press release with nothing new other than an admission, at last, that 'antitrust approval is a hurdle for an Avis Budget-Dollar Thrifty deal' ..."
Hertz Global Holdings Inc. today responded to a press release, dated September 27, 2010, issued by Avis Budget regarding the acquisition of Dollar Thrifty.
Mark P. Frissora, Chairman and Chief Executive Officer, said, "Instead of making a legitimate offer to purchase Dollar Thrifty, Avis has issued yet another press release with nothing new other than an admission, at last, that 'antitrust approval is a hurdle for an Avis Budget-Dollar Thrifty deal' that they apparently need the rest of the year to understand. Due to this uncertainty, which may never be resolved to Avis's liking, they want a lengthy delay of the Dollar Thrifty stockholder vote scheduled for September 30, 2010.
"In contrast, Hertz is confident of closing the transaction in a timely manner within the framework of our merger agreement and, unlike Avis, we have agreed to pay almost $50 million if for some reason we are unable to close. A 'Yes' vote by Dollar Thrifty stockholders on our best and final offer on September 30, 2010 is the only course of action which will deliver certain, premium value to these stockholders."
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