Dollar Thrifty's Shareholders Reject Hertz's $1.46 Billion Takeover Offer

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Dollar Thrifty's Shareholders Reject Hertz's $1.46 Billion Takeover Offer

Dollar Thrifty Automotive Group Inc. shareholders today rejected Hertz Global Holdings Inc.’s $1.46 billion takeover offer.

The vote, at a special shareholders meeting in Chicago, was 11.8 million shares for the Hertz offer compared with 13.8 million shares against it, according to Bloomberg News.

Hertz stated yesterday it would immediately terminate the merger agreement with Dollar Thrifty if shareholders voted against the proposal.

Avis Budget said yesterday if the Hertz deal does not go through it “will continue to actively pursue the acquisition of Dollar Thrifty, including commencing an exchange offer at our recent offer price no later than 10 business days after the meeting.”

Avis Budget said it “will continue to actively pursue antitrust clearance. As previously disclosed, Avis Budget has committed to sell assets representing $325 million of revenues (of which not more than $250 million are U.S.), demonstrating our commitment to attaining antitrust approval.”

Additionally, Avis Budget said it would add a $20 million breakup fee to its Dollar Thrifty merger deal if the proposal does not win regulatory approval.

Dollar Thrifty released this statement:

Dollar Thrifty Automotive Group, Inc. today announced that the Company did not obtain the requisite votes to execute its definitive merger agreement with Hertz Global Holdings, Inc. ("Hertz") at the special meeting of shareholders held today.

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.

Scott Thompson, president and CEO of Dollar Thrifty Automotive Group, Inc., commented: "We respect the vote of our shareholders, and remain confident in our ability to continue to deliver outstanding value for them. 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."

Dollar Thrifty is being advised by J.P. Morgan and Goldman, Sachs & Co. and the law firm of Cleary Gottlieb Steen & Hamilton LLP.

Dollar Thrifty Automotive Group Inc. shareholders today rejected Hertz Global Holdings Inc.'s $1.46 billion takeover offer.

The vote, at a special shareholders meeting in Chicago, was 11.8 million shares for the Hertz offer compared with 13.8 million shares against it, according to Bloomberg News.

Hertz stated yesterday it would immediately terminate the merger agreement with Dollar Thrifty if shareholders voted against the proposal.

Avis Budget said yesterday if the Hertz deal does not go through it "will continue to actively pursue the acquisition of Dollar Thrifty, including commencing an exchange offer at our recent offer price no later than 10 business days after the meeting."

Avis Budget said it "will continue to actively pursue antitrust clearance. As previously disclosed, Avis Budget has committed to sell assets representing $325 million of revenues (of which not more than $250 million are U.S.), demonstrating our commitment to attaining antitrust approval."

Additionally, Avis Budget said it would add a $20 million breakup fee to its Dollar Thrifty merger deal if the proposal does not win regulatory approval.

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