Hertz ends quest to acquire Dollar Thrifty, Avis in the clear


Hertz has ended is quest to acquire Dollar Thrifty Automotive Group Inc. after shareholders rejected the $1.44 billion deal, and will work to expand its Advantage brand and U.S. off-airport business. With Hertz out of the way, Avis has a clear shot at a takeover with its $1.53 billion takeover offer.

“We respect the vote of our shareholders, and remain confident in our ability to continue to deliver outstanding value for them,” Dollar Thrifty CEO Scott Thompson said in a statement. “We will evaluate all of our options going forward in order to maximize value for Dollar Thrifty shareholders.”

Hertz and Avis have been embattled over Thrifty for quite some months now, with Avis”s current bid running at a 51% premium over Dollar”s stock price. Hertz is currently the world”s largest worldwide airport car rental brand with 8,200 locations on 146 countries.

– By: Stephen Calogera

Source: Automotive News