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Dollar Thrifty Rejects Hertz OfferOctober 1, 2010 By: Staff
Dollar Thrifty shareholders went against the company’s board's advice and voted down the offer from Hertz to acquire the company. The final vote results, which were certified by IVS Associates, Inc., the inspector of election, totaled 11,811,154 votes for and 13,830,126 against, with 4,735 abstentions. The billion dollar deal involved three giants in the car rental industry.
"We respect the vote of our shareholders, and remain confident in our ability to continue to deliver outstanding value for them," said Scott Thompson, president and CEO of Dollar Thrifty Automotive Group. "The Dollar Thrifty board and management team are focused on building on our track record of superior operating performance to drive continued growth. We will evaluate all of our options going forward in order to maximize value for Dollar Thrifty shareholders."
"Subject to final confirmation of the results of the stockholder meeting, we will focus on implementing our strategy to rapidly accelerate the expansion of Advantage Rent-a-Car and the U.S. off-airport business," Hertz Chairman and CEO Mark P. Frissora commented. "This strategy builds on several straight quarters of faster revenue growth in the U.S. airport rental market compared with our publicly traded competitors. Additionally, we started taking the necessary steps to cease activities related to the acquisition of Dollar Thrifty, as previously announced."
Hertz had said earlier that they would take their offer off the table if the Dollar Thrifty shareholders rejected the deal. Rival Avis Budget, which has been locked in a bidding war for the Dollar Thrifty over the past months had issued an 11th-hour sweetener to include a $20 million breakup fee, which would protect Dollar Thrifty if the deal failed to get antitrust approval. Hertz's deal included a $44.6 million breakup fee, according to Bloomberg. The Avis offer was about $53 a share while the Hertz offer worked out to about $50.25 a share.