Dollar Thrifty Automotive Group has official announced it has taken itself off the market after failing to attract what it viewed as suitable takeover proposals.
As a result, the company will continue to act as a standalone brand – at least for now.
Earlier this year Dollar Thrifty had been the subject of a bidding war between rivals Hertz Global Holdings and Avis Budget Group.
However, Avis took itself out of the bidding in mid-September, leaving Hertz as the lone bidder.
Following the Avis decision, Dollar Thrifty issued a call for “best and final” proposals for a merger in early October.
Such a demand was designed to allow the firm to negotiate antitrust regulatory risks.
Scott Thompson, president and chief executive officer, said: “The purpose of setting a deadline for submission of bids was to bring clarity to the
next steps for the company.
“As we said all along, continuing uncertainty is in no one’s interest.
“While Hertz’s May 2011 exchange offer remains outstanding and on October 7th, 2011 Hertz’s chief executive called me personally to reaffirm
their commitment to pursuing the acquisition of Dollar Thrifty, the fact remains that they have not made a proposal that addresses our board’s requirements.
“Having received no acceptable offer after conducting an unprecedentedly open process with clearly articulated requirements, it is time for us to move forward on a stand-alone basis.”
Hertz had offered to buy Dollar Thrifty for $57.60 in cash and 0.8546 shares of Hertz stock for each Dollar Thrifty share.
It remains to be seen whether Dollar Thrifty will entertain further offers, if indeed any are forth coming.