Hertz Global has announced it is withdrawing its exchange offer for all outstanding shares of Dollar Thrifty Automotive Group.

The car rental giant decided to withdraw its exchange offer at this time in light of Dollar Thrifty’s plan to commence its announced share repurchase program and current market conditions.

Hertz continues to believe that a merger with Dollar Thrifty is in the best interests of both companies.

Both brands remain engaged with the FTC to secure antitrust clearance for the proposed transaction.

Once antitrust clearance has been obtained, Hertz will reassess the appropriate price and other terms of the proposed transaction based on Dollar Thrifty’s share repurchase program, Dollar Thrifty’s performance, Dollar Thrifty’s outlook and prevailing market conditions at that time.

In a protracted saga, rival Avis has presently dropped out of the bidding for Dollar Thrifty, while the company itself has nominally taken itself off the market.