Dollar Thrifty Automotive Group (DTG) was growing impatient with its suitors.
The car rental holding company said Aug. 21 it sent a letter to Hertz Global (HTZ) and Avis Budget (CAR) asking them to submit their "best and final definitive proposals" on potential mergers by October.
Dollar Thrifty CEO Scott Thompson said that continuing uncertainty over a transaction was in "no one's best interest.""Hertz and Avis have made substantial progress with respect to regulatory reviews, and our Board has concluded that the time has come to determine if, and on what terms, a transaction can be achieved," Thompson added. Hertz and Avis have been locked in a drawn-out bidding war over Dollar Thrifty.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV