The car rental holding company Sunday said it sent a letter to
asking them to submit their "best and final definitive proposals" on potential mergers by October.
, Dollar Thrifty's CEO, Scott Thompson, said that continuing uncertainty over a transaction was in "no one's best interest."
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"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.
Shares of Dollar Thrifty ended Friday down $2.46 at $61.91. Shares of Hertz ended the session down 48 cents at $9.71, and shares of Avis Budget finished the session down 12 cents at $11.61.
This article was written by a staff member of TheStreet.