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Dollar Thrifty Extends Deadline In Hertz Merger Vote

By Doug Cameron and Maxwell Murphy Of DOW JONES NEWSWIRES Dollar Thrifty Automotive Group Inc. (DTG) is expected to announce the result of a shareholders vote on the $1.5 billion bid from Hertz Global Holdings Inc. (HTZ) around 12:15 p.m. EDT after a last-minute flurry of proxies. The car rental group's chairman, Thomas Capo, said there had been a "large volume" of votes this morning as he opened a special shareholders' meeting. Voting started at 11:05 a.m. EDT, but Capo subsequently delayed the expected announcement by an hour. The meeting was attended by around 20 shareholders, many of them from hedge funds. The special meeting of holders in Chicago will determine whether the Hertz bid wins, leaving antitrust clearance as the only hurdle to a combination of Hertz, the second-largest car-rental company, and fourth-largest player Dollar Thrifty. Dollar Thrifty holders, many reported to be merger arbitrageurs and hedge funds looking to get in on a bidding war started by Hertz's April bid, may vote against the deal hoping Dollar Thrifty then accepts a higher offer from rival Avis Budget Group Inc. (CAR). Avis late Wednesday added a $20 million reverse break-up fee to its proposal in hopes of addressing Dollar Thrifty concerns about such a fee being in Hertz's agreement but not in Avis's offer. The Wall Street Journal reported Wednesday that Boston hedge fund PAR Capital Management Inc., Dollar Thrifty's largest holder with a nearly 8% stake, would vote against the deal. It also said merger arbitrageurs control around 60% of Dollar Thrifty stock. Hertz on Wednesday reiterated its position that its offer, worth $50.99 at Hertz's Wednesday closing price, was its best and final, and said it would walk away from the deal if Dollar Thrifty holders voted against the merger. Avis's offer was worth $53.33 at Wednesday's close. Dollar Thrifty shares were at $50.09 in recent Thursday trading, down 1 cent, while Hertz stock was off 5.3% at $10.99, lowering its bid value to $50.60 a share, and Avis was off 1.2% at $11.38 apiece, making its offer worth $53.24. -By Doug Cameron, Dow Jones Newswires; 312-750-4135; doug.cameron@dowjones.com -By Maxwell Murphy, Dow Jones Newswires; 212-416-2171; maxwell.murphy@dowjones.com

Stock News for Hertz Global Holdings (HTZ)
DateTimeHeadline
05/03/201508:10:09Cheap Car Rental Stocks Are a Bad Idea
05/01/201516:40:46Statement of Changes in Beneficial Ownership (4)
05/01/201516:24:16Statement of Changes in Beneficial Ownership (4)
04/28/201508:00:00Kingston College Travel and Tourism Students Get a Taste of Working...
04/27/201516:30:00Hertz Appoints Dave Myrick Senior Vice President, Sales, North...
04/20/201508:00:00Thrifty Car Rental Expands Network To Singapore
04/15/201506:02:17Current Report Filing (8-k)
04/14/201518:35:00Hertz Announces Closing Of Private Offering Of $780 Million medium...
04/08/201509:08:00Hertz Equipment Rental Corporation Launches Equipment Assurance...
04/03/201516:17:54Current Report Filing (8-k)
04/02/201517:19:43Statement of Changes in Beneficial Ownership (4)
04/02/201517:18:50Statement of Changes in Beneficial Ownership (4)
04/02/201517:17:58Statement of Changes in Beneficial Ownership (4)
04/02/201517:17:06Statement of Changes in Beneficial Ownership (4)
04/02/201510:49:00Hertz introduces the new 100% electric Nissan LEAF to its fleet...
03/30/201515:49:00Hertz Equipment Rental China Named Powered Access Pioneer
03/30/201508:37:12Hertz Global higher after Morgan Stanley takes off sell signal
03/26/201521:09:30Portfolio Changes For The First Quarter Of 2015
03/26/201509:00:00Hertz Guatemala Celebrates Its 50th Anniversary Inaugurating...
03/25/201516:30:00Frese Joins Hertz To Lead Fleet And Procurement

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