/PRNewswire-FirstCall/ -- Dollar Thrifty Automotive Group, Inc. ("Dollar Thrifty") (NYSE: DTG) today issued the following statement regarding the revised proposal made by Avis Budget Group ("Avis Budget") (NYSE: CAR) on
September 23, 2010
"Our Board of Directors, in consultation with our financial and legal advisors, has reviewed and considered carefully Avis Budget's revised proposal. While the proposal offers our shareholders the potential opportunity to receive greater consideration for their shares than the amount payable under the current terms of our agreed merger with Hertz, Avis Budget has not demonstrated to our satisfaction that its proposed transaction can be completed in a timely manner and that it would adequately protect our shareholders in the event that Avis Budget is unable to obtain the required regulatory approvals.
"Accordingly, our Board continues to recommend that Dollar Thrifty shareholders vote to approve the Hertz merger at the special shareholder meeting to be held on
As previously announced, Hertz and Dollar Thrifty executed a definitive merger agreement on
April 25, 2010
, which agreement was amended on
September 10, 2010
, under which Hertz will acquire Dollar Thrifty for
per share in cash, inclusive of a special cash dividend to be paid immediately prior to the transaction closing, and 0.6366 shares of Hertz common stock. The transaction is subject to customary closing conditions, regulatory approvals, approval by Dollar Thrifty shareholders and payment of the special dividend.
A special meeting of Dollar Thrifty shareholders to vote on the Hertz merger agreement has been scheduled for
September 30, 2010
. Shareholders of record as of
August 13, 2010
are entitled to vote at that meeting. Dollar Thrifty shareholders who have questions about the merger or the special meeting, or who wish to obtain copies of the proxy statement/prospectus, proxy cards or other documents relating to the special meeting, may contact Georgeson Inc., Dollar Thrifty's proxy solicitor, at 1-8667678986 (toll free) or 212-8066859 (international).
Dollar Thrifty is being advised by J.P.Morgan and Goldman, Sachs & Co. and the law firm of
Cleary Gottlieb Steen
& Hamilton LLP.
About Dollar Thrifty Automotive Group, Inc.
Dollar Thrifty Automotive Group, Inc. is headquartered in
. Driven by the mission "Value Every Time," the Company's brands, Dollar Rent A Car and Thrifty Car Rental, serve value-conscious travelers in over 80 countries. Dollar and Thrifty have approximately 600 corporate and franchised locations in
the United States
, operating in virtually all of the top U.S. and Canadian airport markets. The Company's approximately 6,000 employees are located mainly in
, but global service capabilities exist through an expanding international franchise network. For additional information, visit
or the brand sites at
Important Information for Investors and Stockholders
This document does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. Hertz has filed with the SEC a registration statement on Form S-4 (registration statement number 333-167085) that includes a proxy statement of DTG that also constitutes a prospectus of Hertz. The registration statement has been declared effective by the SEC, and a definitive proxy statement/prospectus has been mailed to stockholders of DTG. A Special Meeting of Stockholders will be held at
, local time, on
September 30, 2010
at 10 South Dearborn Street, Plaza Level Auditorium,
INVESTORS AND STOCKHOLDERS OF DTG ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN, OR WILL CONTAIN, IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.