Hertz
Global Holdings on Wednesday announced it would terminate its merger agreement
with Dollar Thrifty if the latter's stockholders vote against the acquisition
on Thursday.
If
stockholders oppose the deal in a vote scheduled for Sept. 30, Hertz said it
immediately would take its last offer off the table, halt efforts to acquire
Dollar Thrifty and "stop the process of selling Advantage."
Hertz
CEO Mark Frissora in a statement to stockholders said, "We arrived at our
best and final $50 offer through an open, thoughtful and competitive
negotiation and we cannot be held hostage in an open-ended process. We are
confident of a stand-alone strategy, accelerating the growth of Advantage and
building on four straight quarters of U.S. airport revenue growth which
significantly outpaces our publicly traded competitors."
Dollar Thrifty
Automotive Group on Monday recommended that shareholders approve Hertz's offer to buy the company, even though Avis Budget has submitted a higher bid.