Reuters reports Hertz Global Holdings Inc. has withdrawn its tender offer for shares in Dollar Thrifty Automotive Group, due to current market conditions and Dollar Thrifty’s recently announced share buyback program, but Hertz is still interested in buying the smaller rival and continues to pursue antitrust approval for a deal.
In a statement, the company said, “Hertz continues to believe that a merger with Dollar Thrifty is in the best interests of both companies.”
Hertz had been in a bidding war with Avis Budget for Dollar Thrifty since 2010, but Avis dropped out in September because of volatile debt markets and its $1 billion acquisition of its European arm. The takeover of Dollar Thrifty would leave three players dominating more than 90 percent of the U.S. car rental market, with the market leader being privately owned Enterprise.
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