Dollar Thrifty Spurns Hertz, Says No Acceptable Buyout Offers Received |
| Wall Street Journal - Oct 11, 2011 |
Dollar Thrifty Automotive Group Inc. said Tuesday it hadn't garnered any acceptable offers in the car-rental company's long-running buyout saga, although Hertz Global Holdings Inc. said it is still interested in pursuing its bid.
Last month, Dollar Thrifty sent letters to Hertz and Avis Budget Group Inc. asking for "best and final" buyout offers by Oct. 10, effectively putting a deadline on a bidding process that had run for more than a year.
Shortly after the request, Avis said it would drop its effort to acquire the company, leaving Hertz as the sole bidder. Hertz in May had offered about $2.2 billion, topping Avis' $1.7 billion bid.
Hertz spokesman Richard Broome said Tuesday that the company "remains interested in acquiring Dollar Thrifty and obtaining [Federal Trade Commission] approval is the first step in the process."
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- Posted: 2011-10-11 15:09:47
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