the rental car firm announced Thursday. Hertz
cited a share-repurchase effort undertaken by Dollar Thrifty and "current
market conditions" as reasons for withdrawing
the bid it issued in May.
"Hertz continues to believe that a merger with Dollar Thrifty is in the
best interests of both companies," according to a statement issued by Hertz,
which continues to seek antitrust clearance from the Federal Trade Commission
to pursue the acquisition. Dollar Thrifty earlier this month announced it would
"
continue to execute its current stand-alone plan," as Hertz's offer had
not yet received antitrust clearance. Once such clearance is granted, Hertz on
Thursday said it would "reassess the appropriate price and other terms of
the proposed transaction based on Dollar Thrifty's share repurchase program,
Dollar Thrifty's performance, Dollar Thrifty's outlook and prevailing market
conditions at that time."