Tulsa, OK – Dollar Thrifty tells holders not to tender shares
TULSA, Okla. (AP) The board of Dollar Thrifty Automotive Group Inc. is recommending that its shareholders not tender their shares in Hertz's proposed $2.25 billion buyout of the car rental company.
Tulsa-based Dollar Thrifty agreed last month to cooperate with Hertz Global Holdings Inc. to get antitrust clearance for their bid. But on Monday the company said it's now advising stockholders hold off on any action. The bid includes $57.60 in cash and 0.8546 shares of Hertz common stock.
Hertz has been competing with Avis Budget Group Inc. to acquire Dollar Thrifty. Avis' bid includes $45.79 per share in cash and 0.6543 shares of Avis and is worth an estimated $1.77 billion.
Dollar Thrifty President and CEO Scott Thompson said in a statement Monday that the board's recommendation is due to the uncertainty surrounding antitrust clearance.
Copyright 2011 The Associated Press.