Hertz Extends Dollar Thrifty Exchange Offer
PARK RIDGE, N.J. (AP) - Hertz Global Holdings Inc. is extending its $2.25 billion buyout bid for car rental rival Dollar Thrifty Automotive Group Inc. which has advised its shareholders against accepting the offer.
Hertz said Monday that the offer will now expire on Aug. 5 unless extended again. The offer, which includes $57.60 in cash and 0.8546 shares of Hertz stock for each Dollar Thrifty share, was set to expire on Friday.
Only about 1 million of Dollar Thrifty's 31.2 million shares had been tendered in the offer as of Friday.
Last month, Dollar Thrifty's board unanimously recommended that its shareholders not tender their shares. The Tulsa, Okla., company had agreed in May to cooperate with Hertz to get antitrust clearance for its bid. But it said in June that it was recommending shareholders not take any action because of the uncertainty surrounding the length and outcome of the regulatory process.
The potential Dollar Thrifty acquisition is a sign of the times within the car rental industry, as the sector has been consolidating for years. In 2002, Avis' parent company bought Budget, while Enterprise's parent company acquired Alamo and National in 2007.
Hertz shares fell 62 cents, or 3.8 percent, to $15.65 in midday trading. Dollar Thrifty shares fell 31 cents to $73.64.
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