Hertz Global Holdings has agreed to cooperate with Dollar Thrifty Automotive Group with respect to Hertz’s efforts to pursue antitrust regulatory clearance of its proposed acquisition of Dollar Thrifty pursuant to an exchange offer for all outstanding shares of Dollar Thrifty common stock.
As Hertz has previously said, it is committed to working expeditiously with the FTC and Dollar Thrifty to obtain antitrust clearance. To this end, Hertz is engaged in discussions with the FTC and has commenced a process for the divestiture of its Advantage brand.
Hertz Chairman and Chief Executive Officer Mark P. Frissora said: “Obtaining antitrust clearance is our top priority. We are committed to offering deal certainty to the Dollar Thrifty shareholders. To date, Avis Budget has been unable to produce a viable antitrust remedy, despite recent press speculation and an entire year of discussions with the FTC. We are pleased that Dollar Thrifty is willing to work proactively with us to move through the antitrust review process as quickly as possible.”
Barclays Capital, Lazard, Bank of America Merrill Lynch and Deutsche Bank Securities are acting as financial advisors to Hertz. Barclays Capital will serve as the dealer manager for the exchange offer. Cravath, Swaine & Moore LLP, Debevoise & Plimpton LLP and Jones Day are acting as legal advisors to Hertz. William Blair & Company is acting as a financial advisor to Hertz in connection with the sale of its Advantage brand.