Avis Budget Group. Inc. has announced Tuesday that it will abandon its efforts to acquire Dollar Thrifty Automotive Group Inc., due to market conditions.
“We have decided not to pursue a transaction at this time in light of current market conditions,” Avis said today in a regulatory filing.
Avis’ bid for Dollar Thrifty came in at $1.55 billion, after Avis and Hertz Global Holdings Inc., have been seeking U.S. Federal Trade Commission approval to buy Dollar Thrifty.
Avis said it was dropping the bid even though it made ‘significant progress.’
On Sept. 7, Dollar Thrifty told Avis and Hertz that it wanted final bids by Oct. 10. As of Tuesday, Hertz’ final bid came in at $1.92 billion.
No word from Hertz yet.
– By: Omar Rana
Source: Automotive News