Dollar Thrifty shareholders reject Hertz deal; Avis offer could still be in playBy AP
Thursday, September 30, 2010
Summary Box: Dollar Thrifty holders reject Hertz
THE VOTE: Dollar Thrifty shareholders rejected a buyout offer from Hertz, with 11.8 million votes for the deal and 13.8 million against.
THE OFFERS: Hertz was offering $43.60 in cash and 0.6366 shares of common stock of Hertz, for each share of Dollar Thrifty. Including restricted stock and stock options and cash, the offer was worth about $50.88 per share, or $1.56 billion. Avis’ offer worth $53 per share is still on the table.
THE NEXT MOVE: Dollar Thrifty says it respects the vote, although the board wanted the Hertz deal, and will evaluate its options.
Tags: Chicago, North America, Ownership Changes, United States