Local & Regional
Mon August 2, 2010
Deal Okayed in Great White North
By Associated Press
Tulsa, OK – Canada gives Hertz antitrust OK for Dollar deal
NEW YORK (AP) Hertz Global Holdings Inc. says Canadian antitrust regulators have approved its proposed $1.17 billion acquisition of fellow car-rental operator Dollar Thrifty Automotive Group Inc.
Hertz and Avis are fighting to take over Tulsa, Okla.-based Dollar Thrifty, although the bidding war has been conducted at prices lower than Dollar Thrifty investors had hoped.
Hertz says the Canadian Competition Bureau notified the company it wouldn't block or slow a possible deal. The period in which the regulators could have asked for more information about the deal had expired.
Last week, Avis announced a competing $1.33 billion bid for Dollar Thrifty that valued Dollar Thrifty below its then-current stock price. Dollar Thrifty shares have gained, however, since Hertz announced its cash-and-stock offer in April.
Dollar Thrifty shareholders are scheduled to vote on the Hertz deal Sept. 16.