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