Dollar Thrifty has advised shareholders not to tender their shares to Hertz Global Holdings, as an offer of $72 a share undervalues the company. The car rental organisation is presently being sought by two larger rivals, Hertz and competitor Avis.
Hertz Global Holdings has re-emerged as a suitor in the race to acquire Dollar Thrifty Automotive Group as a potential deal with Avis rumbles on. New Jersey-based Hertz outlined an offer of $72 a share for DTAG earlier, comprising $57.60 in cash and 0.8546 shares of Hertz.
Saad Ahmad, owner of Dollar Thrifty Automotive Group, recently added U-Haul truck and trailer rentals to the car rental agency he has been operating since February 2008.
Dollar Thrifty Automotive Group have provided an update on Corporate Adjusted EBITDA and fleet cost expectations for the full year of 2011. Additionally, the Company also provided preliminary guidance on expected results for the first quarter of 2011.
Dollar Thrifty has seen profits edge up as the travel sector continues to rebound from the global financial crisis. Announcing its own financial results for the fourth quarter last week, Avis said it was seeking closure on a proposed merger with Dollar Thrifty.
Car rental giant Avis is seeking clarity from American federal regulators as it seeks to complete its takeover of smaller rival Dollar Thrifty. Regulators are presently assessing whether the proposed deal will require antitrust clearance, with Avis waiting to see what action, if any, it needs to take before the takeover can be cleared.
A court in Rio de Janeiro has ordered Air France to pay $727,000 in compensation to relatives of a Brazilian family that died on Flight 447, the Rio-Paris flight that came down in the Atlantic in June 2009, killing all 228 people on board.
Car rental giant Dollar Thrifty has confirmed it will appoint Richard Neu as its new chairman with immediate effect. Mr Neu will replace Thomas Capo, who confirmed he would step down from the board of the organisation next year after 20 years of association with Dollar Thrifty.
Dollar Thrifty has revealed record earnings for the third quarter as the car rental organisation generated more money from vehicle rentals and costs declined. Earnings for the three months ended September 30th jumped 64 per cent, with net income climbing to $49.2 million, or $1.62 per share.
Dollar Thrifty Automotive Group, Inc. today announced that its Rental Car Finance Corp. subsidiary completed a private placement of Rental Car Asset Backed Variable Funding Notes, Series 2010-3.
Avis Budget Group has sold $400 million of debt to part finance its proposed acquisition of rival Dollar Thrifty Automotive Group. The move comes after frontrunner Hertz Global Holding ended takeover discussions with Dollar Thrifty after failing to win shareholder support for the deal in a vote last week.
Car rental giant Dollar Thrifty has offered its support to a $1.46 billion takeover bid from rival Hertz Global Holdings, rejecting a higher bid from Avis Budget Group. Avis raised the value of its offer last week but, crucially, refused to match Hertz’s termination fee.