Car rental company Hertz Global Holdings (NYSE:HTZ) said today it is withdrawing its exchange offer to acquire Dollar Thrifty Automotive (DTG).
Hertz said it decided to withdraw the offer in light of Dollar Thrifty’s plan to commence a share repurchase program, as well as because of current market conditions.
However, Hertz said it continues to believe a merger with Dollar Thrifty is in the best interests of both companies, and it continues to seek antitrust clearance from the Federal Trade Commission that would clear the proposed deal.
Once antirust clearance has been obtained, Hertz said, it will reassess the appropriate price for Dollar Thrifty.
Avis Budget Group (NASDAQ:CAR) took its own offer for Dollar Thrifty off the table last month.
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