The board of Dollar Thrifty has accepted a higher offer from car rental giant Hertz. The revised takeover deal is worth about $1.56 billion in stock and cash, and trumps a rival offer from Avis Budget.
Dollar Thrifty has raised its full-year 2010 adjusted earnings expectations, with falling costs cited as a key factor. The car rental giant is presently at the centre of a takeover battle between rivals Hertz and Avis, with the former recently questioning the competition implications of a Dollar deal with the latter.
Dollar Thrifty has formed a new partnership with Ireland-based car rental technology firm CarTrawler designed to boost its online presence. Follwing the deal subsidiaries of the Car rental giant – including Dollar Rent a Car and Thrifty Car Rental – will significantly expand the number of international websites they offer.
Dollar Thrifty Automotive Group, Inc. (NYSE: DTG) today reported results for the second quarter ended June 30, 2010. Net income for the 2010 second quarter was $42.3 million, or $1.40 per diluted share, compared to net income of $12.4 million, or $0.55 per diluted share, for the comparable 2009 quarter.
Car rental giant Hertz has won regulatory approval from the Canadian Competition Bureau for its proposed merger with Dollar Thrifty. However, the deal is still some distance from completion, with rival Avis launching a counter bid last week.
Avis Budget Group has launched what could become a protracted bidding war for car rental firm Dollar Thrifty with an unsolicited $1.33 billion offer. The figure trumps a $1.2 billion cash and shares offer made by rival Hertz earlier this year.
Car rental firm Dollar Thrifty has raised its earnings expectations for financial 2010 in a preliminary update on expected results. The Tulsa-based group now expects corporate adjusted EBITDA to be within a range of $200 million to $220 million for the year – up from the previously estimated figure of $170 - $190 million.
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 2010-2. When fully funded, the notes will provide $300 million of additional fleet financing.
Hertz Global Holdings, Inc. (“Hertz”) announced today that it has filed a registration statement on Form S-4 with the Securities and Exchange Commission pursuant to its previously announced merger agreement with Dollar Thrifty Automotive Group, Inc. (“Dollar Thrifty”).
Car rental giant Avis Budget Group has reported a narrower-than-expected financial loss for the first quarter of 2010, with the company buoyed by lower costs. Chairman Ronald Nelson has also written to rival Dollar Thrifty, stating Avis would like to make a “substantially higher” offer than the $1.27 billion deal the car hire company reached with rival Hertz last week.
Hertz, the world’s largest car rental market, has agreed to buy its smaller rival Dollar Thrifty for $1.2 billion in a deal that heralds significant consolidation within the sector. The deal will strengthen Hertz’s share of the leisure market by adding another 1,550 locations to its global portfolio.