Posts tagged 'Dollar Thrifty'

Another day, another dollar (thrifty)

High-speed trading critics are abuzz this morning as an apparent mini-flash crash took place in shares of Dollar Thrifty Automotive Group. The car rental company fell as much as five per cent in matter of a minutes before recovering. Read more

Dollar Thrifty seeks best bids

Dollar Thrifty has sought “best and final” bids from its rival suitors Hertz and Avis for an early October deadline, Reuters reports. The takeover battle for the car rental company has so far faced antitrust hurdles, after the FTC asked Hertz for additional information earlier this month, and with Avis still awaiting approval for its offer. Dollar Thrifty said that “continuing uncertainty” was in no one’s interest, reports the WSJ. Hertz has made a $2.2bn offer for the company, topping a $1.2bn offer made last year, and versus $1.7bn from Avis.

Dollar Thrifty chief in line for $40m

The chief executive of Dollar Thrifty stands to earn more than $40m should either Hertz or Avis succeed in buying the car rental operator, highlighting the company’s sharp comeback from the brink of insolvency just two years ago, reports the FT. Hertz this week launched a $72 a share cash and stock offer for Dollar Thrifty, rekindling a battle that began more than a year ago at about $40 a share. At $72, Scott Thompson, who became CEO of Dollar Thrifty in late 2008 and owns about 0.6% of the outstanding stock, could gain about $31m in unvested stock, options and performance- related grants. He could also receive more than $9m in other payments. While executives often gain large sums in a takeover, Thompson’s payment would be hefty relative to the deal’s value. Hertz’s latest offer values Dollar Thrifty’s equity at about $2.2bn.

Hertz offers $2.2bn for Dollar Thrifty

Hertz, the US car rental company, has returned to the race for Dollar Thrifty, launching a $2.2bn offer for its smaller rival almost eight months after it bowed out of a battle with Avis Budget, reports the FT. Hertz said on Monday it would offer Dollar Thrifty investors $72 a share in cash and stock, representing a 24% premium to the deal discussed with Avis since last autumn. Dollar Thrifty investors would receive $57.60 in cash and 0.8546 shares of Hertz stock under the proposal. Avis last May sought to derail the Hertz-Dollar Thrifty transaction, arguing it had not had the chance to make a higher offer for the company. Dollar Thrifty’s investors voted against the Hertz deal last September, when both proposals were pitched in the low $50s a share. Dollar Thrifty shares jumped almost 13% on Monday morning to $78.65. The company said its board would review Hertz’s offer. Once again, says DealBook, Hertz has proved that ‘best and final offers are nothing of the sort”.

Avis in fresh bid for Dollar Thrifty

Avis Budget on Thursday made a last-ditch push for control of Dollar Thrifty, increasing its cash-and-shares bid for the Oklahoma car-rental operator to $1.52bn, reports the FT. The move came just a week before Dollar Thrifty shareholders are to vote on an agreed takeover by Hertz, Avis’s arch-rival, which has also raised its offer since its first approach in April. Each company claims its proposal is more likely to win over the US anti-trust regulator, the FTC. Ultimately, notes the NYT, the “benefits for both Hertz and Avis are evident”.

Avis Budget offers $1.3bn for Dollar Thrifty

The battle for Dollar Thrifty, the Oklahoma car-rental operator, intensified on Wednesday with Avis Budget making a $1.3bn cash-and-shares bid to head off Hertz’s agreed offer submitted two months ago, the FT reports. Avis said its bid, valued at $46.50 a share, offered a 17 per cent premium to Hertz’s proposal

Avis Budget offers $1.3bn for Dollar Thrifty

The battle for Dollar Thrifty, the Oklahoma car-rental operator, has intensified with Avis Budget making a $1.3bn cash-and-shares bid to head off Hertz’s agreed offer submitted two months ago, the FT reports. Avis said its bid, valued at $46.50 a share, offered a 17 per cent premium to Hertz’s proposal. Budget brands like Dollar Thrifty are attracting interest in an environment where consumers are watching costs, adds Reuters.

Avis to rival Hertz over Dollar Thrifty

Car hire group Avis Budget raised the prospect of a competing offer for rival Dollar Thrifty, saying it was interested in bidding “substantially” more than the $1.2bn tabled by Hertz last week, the FT reports. Ronald Nelson, Avis Budget chairman and chief executive, criticised Dollar Thrifty for not responding to earlier approaches from Avis Budget, and for agreeing unusually strong deterrents to rival bidders.