Dollar Thrifty Automotive Group has agreed to work with Avis
Budget Group to pursue antitrust approval for Avis Budget's proposed
acquisition of Dollar Thrifty, the companies announced on Tuesday.
In a joint statement issued by the two companies, Avis
Budget said it was reaffirming “its commitment to continue to pursue an
acquisition of Dollar Thrifty on the previously announced terms.” Per Dollar
Thrifty’s request, however, Avis also has agreed to defer its exchange offer
for Dollar Thrifty as the companies await the go-ahead from antitrust
regulators.
Dollar Thrifty shareholders last week voted down a merger agreement with Hertz Global Holdings, a deal that had been approved by Dollar
Thrifty’s board. Hertz and Avis Budget have been publicly bidding to acquire
the midprice car rental supplier since April.