Jun 6, 2011
Dollar Thrifty (NYSE:DTG) announced its board of directors recommended that shareholders not tender their shares pursuant to Hertz Global Holdings (NYSE:HTZ) offer to acquire all of the outstanding shares for $72 per Dollar Thrifty share, which consists of $57.60 in cash and 0.8546 shares of HTZ common stock.
Scott L. Thompson, President and Chief Executive Officer said, "Given the uncertainty surrounding the length and outcome of the regulatory process as Hertz and Avis Budget work towards antitrust clearance, the Board is recommending that Dollar Thrifty shareholders take no action with respect to the Hertz exchange offer at this time. We will be monitoring the antitrust regulatory process and other circumstances carefully, and our Board will reconsider its recommendation if the situation warrants."
Dollar Thrifty Automotive is currently above its 50-day moving average (MA) of $73.08 and above its 200-day of $55.29.
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