Tuesday, Sep. 13, 2011, 01:55 AM UPDATED 2:21 AMBy Auto Remarketing Staff
PARK RIDGE, N.J. -
Hertz Global Holdings still wants to make a deal with Dollar Thrifty Automotive Group.
So late last week, Hertz again announced it extended the expiration date of its exchange offer for all outstanding shares of Dollar Thrifty. The offer is for $57.60 in cash and 0.8546 shares of Hertz common stock.
Hertz indicated the exchange offer and withdrawal rights are now scheduled to expire at midnight ET on Nov. 1, unless further extended. The exchange offer was previously scheduled to expire at midnight last Friday.
“Except for the extension of the exchange offer expiration date, all other terms and conditions of the exchange offer remain unchanged,” Hertz officials reiterated.
“Hertz continues to pursue its immediate goal of obtaining FTC clearance for the proposed transaction with Dollar Thrifty,” they continued.
As of the close of business last Friday, Hertz calculated approximately 2,616,001 shares of Dollar Thrifty common stock had been tendered into and not withdrawn from the exchange offer.
Stockholder questions regarding the exchange offer or requests for exchange offer documents can be directed to Hertz’s information agent for the exchange offer, Innisfree M&A, at (877) 456-3507.
Stockholder questions regarding the exchange offer may also be directed to Hertz’s dealer manager for the exchange offer, Barclays Capital, at (888) 610-5877.
Barclays Capital, Lazard, Bank of America Merrill Lynch and Deutsche Bank Securities are acting as financial advisors to Hertz.
Barclays Capital is acting as the dealer manager for the exchange offer. Cravath, Swaine & Moore, Debevoise & Plimpton 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.
Late last month, Dollar Thrifty asked its suitors — Hertz and Avis Budget Group — for their best and final acquisition offers. Auto Remarketing published the details — including a letter from DTAG chief executive officer Scott Thompson — here.