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Hertz Extends Tender Offer Deadline for Dollar Thrifty
Monday, September 12, 3:17 PM ET

Car rental company Hertz (NYSE:HTZ) has extended the expiration deadline for its exchange offer for all outstanding shares of Dollar Thrifty Automotive Group (DTG).

Hertz and Avis Budget Group (NASDAQ:CAR) have been vying to acquire Dollar Thrifty, which has been working with both companies to obtain regulatory clearance for each deal.

Hertz' previous exchange offer, of $57.60 in cash and 0.8546 shares of Hertz common stock per Dollar Thrifty share, was due to expire on September 9. Only about 2.6 million shares had been tendered at the close of business on September 9, just hours before the expirations.

The news exchange offer will expire at midnight Eastern time on November 1.

Hertz said its offer remains unchanged, and it continues to pursue obtaining clearance from the Federal Trade Commission for the transaction.

A bevy of Wall Street firms have been advising Hertz on the long-running deal process. Barclays Capital (NYSE:BCS), Lazard (NYSE:LAZ), Bank of America (NYSE:BAC) and Deutsche Bank (NYSE:DB) are all serving financial advisors to Hertz.

For MarketNewsVideo.com, I'm Kristin Bianco.

Hertz Extends Tender Offer Deadline for Dollar Thrifty picture
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