PARK RIDGE, N.J., Nov. 16, 2012 /PRNewswire/ -- Hertz Global Holdings, Inc. (NYSE: HTZ) announced today that its previously announced cash tender offer to purchase all outstanding shares of common stock of Dollar Thrifty Automotive Group, Inc. (NYSE: DTG) for $87.50 per share expired at 5:00 p.m., New York City time, as scheduled, and was not extended.
The depositary for the tender offer has advised Hertz that, as of the expiration of the tender offer, approximately 27,956,234 shares of Dollar Thrifty common stock had been validly tendered and not validly withdrawn pursuant to the offer (which includes shares subject to guaranteed delivery procedures), representing approximately 99.6% of the total outstanding shares of Dollar Thrifty common stock.
As previously announced, Hertz has reached an agreement to sell its Advantage business to Adreca Holdings Corp. ("Adreca"), a subsidiary of Macquarie Capital which is operated by Franchise Services of North America Inc. In its settlement agreement with the Federal Trade Commission ("FTC"), Hertz has also agreed to use its commercially reasonable efforts to ensure a new car rental company is given the right to operate on-airport at 26 airports across the country. In about half of these locations Hertz has already reached an agreement with Adreca that it will try and get the Advantage brand the right to operate on-airport. Hertz has also agreed with the FTC that it will negotiate exclusively with Adreca for the next 30 days to try and reach an agreement on the remaining locations. Hertz is not selling any brands (other than Advantage), or the rights to operate any brands, so it will continue to have the right to operate the Hertz, Dollar and Thrifty brands at all of the locations.