Hertz Announces Expiration Of Tender Offer To Acquire Dollar Thrifty
Hertz is exploring several different alternatives for procuring on-airport concessions for Advantage or another car rental company at these airports. Where possible, Hertz will seek to accomplish this in a manner that allows it to continue operating all three of its brands (Hertz, Dollar and Thrifty) on-airport. Alternatively, in certain situations either Dollar or Thrifty (never Hertz), and in a few cases both Dollar and Thrifty, may have to operate off-airport for at least some period of time. In these instances, Hertz will continue to provide Dollar and Thrifty customers with superior service and a great rental experience, and hopes to eventually be able to move the brands back on airport in the future. Given that in all instances the company will have at least one brand, and in the vast majority at least two brands, on-airport, as well as off-airport locations at certain airports, the company anticipates minimal impact on its employees and customers as a result of these changes.
On November 19, 2012, Hertz intends to exercise its "top-up" option to purchase additional shares of Dollar Thrifty common stock directly from Dollar Thrifty and to complete the acquisition of Dollar Thrifty through a short-form merger without a vote or meeting of Dollar Thrifty's stockholders. Each of the remaining shares of Dollar Thrifty common stock will be converted into the right to receive the same $87.50 per share in cash that will be paid in the tender offer. Upon completion of the merger, Dollar Thrifty will become a wholly owned subsidiary of Hertz. Dollar Thrifty's common stock will be suspended for trading on the New York Stock Exchange before the market opens on November 20, 2012 and will subsequently be delisted.
Hertz Contact information:
Investors Leslie Hunziker Staff Vice President - Investor Relations Tel: 201-307-2337 E-mail: firstname.lastname@example.orgMedia Richard Broome Senior Vice President - Corporate Affairs & Communications Tel: 201-307-2486 E-mail: email@example.com Steven Lipin / Jayne RosefieldBrunswick Group Tel: 212-333-3810 About Hertz Global Holdings, Inc. Hertz is the largest worldwide airport general use car rental brand, operating from approximately 8,800 corporate and licensee locations in approximately 150 countries in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the number one airport car rental brand in the U.S. and at 111 major airports in Europe. In addition, the Company has sales and marketing centers in 60 countries which promote Hertz business both within and outside such country. Product and service initiatives such as Hertz Gold Choice, Hertz #1 Club Gold®, NeverLost® customized, onboard navigation systems, Sirius XM Satellite Radio, and unique cars and SUVs offered through the Company's Adrenaline, Prestige and Green Traveler Collections, set Hertz apart from the competition. In 2008, the Company entered the global car sharing market with its service now referred to as Hertz On Demand which rents cars by the hour and/or by the day, at various locations in the U.S., Canada and Europe. Hertz also operates one of the world's largest equipment rental businesses, Hertz Equipment Rental Corporation, offering a diverse line of rental equipment, from small tools and supplies to earthmoving equipment, as well as new and used equipment for sale, to customers ranging from major industrial companies to local contractors and consumers, from approximately 340 branches in the United States, Canada, China, France, Spain and Saudi Arabia, as well as through its international licensees. Hertz also owns Donlen Corporation, based in Northbrook, Illinois, which is a leader in providing fleet leasing and management services. About Dollar Thrifty Automotive Group, Inc. Through its Dollar Rent A Car and Thrifty Car Rental brands, the Company has been serving value-conscious leisure and business travelers since 1950. The Company maintains a strong presence in domestic leisure travel in virtually all of the top U.S. and Canadian airport markets, and also derives a significant portion of its revenue from international travelers to the U.S. under contracts with various international tour operators. Dollar and Thrifty have approximately 280 corporate locations in the United States and Canada, with approximately 5,800 employees located mainly in North America. In addition to its corporate operations, the Company maintains global service capabilities through an expansive franchise network of approximately 1,300 franchise locations in 82 countries. For additional information, visit www.dtag.com or the brand sites at www.dollar.com and www.thrifty.com. Cautionary Note Concerning Forward-Looking Statements This communication contains "forward-looking statements". Examples of forward-looking statements include information concerning Hertz's outlook, anticipated revenues and results of operations, as well as any other statement that does not directly relate to any historical or current fact. These forward-looking statements often include words such as "believe," "expect," "project," "anticipate," "intend," "plan," "estimate," "seek," "will," "may," "would," "should," "could," "forecasts" or similar expressions. These statements are based on certain assumptions that Hertz has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors that Hertz believes are appropriate in these circumstances. We believe these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and our actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative.
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