Hertz Receives Second FTC Request about Potential Dollar Thrifty Acquisition

PARK RIDGE, N.J. -

Hertz Global Holdings revealed early this week that it has received a request for additional information from the Federal Trade Commission regarding the proposed acquisition of Dollar Thrifty Automotive Group.

Officials noted the request was issued under notification requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

According to the FTC, Hart-Scott-Rodino basically created the path by which parties must inform the FTC and Department of Justice about large mergers and acquisitions ahead of time.

“The Hart-Scott-Rodino Act established the federal premerger notification program, which provides the FTC and the Department of Justice with information about large mergers and acquisitions before they occur,” the FTC explains on the Bureau of Competition section of its website.

“The parties to certain proposed transactions must submit premerger notification to the FTC and DOJ,” it added. “Premerger notification involves completing an HSR Form, also called a ‘Notification and Report Form for Certain Mergers and Acquisitions,’ with information about each company’s business.”

Also in other recent company news, Auto Remarketing reported that Hertz extended the expiration date of its exchange offer for all outstanding shares of Dollar Thrifty for $57.60 in cash and 0.8546 shares of Hertz common stock.

Hertz indicated the exchange offer and withdrawal rights are now scheduled to expire at midnight ET on Sept. 9 unless further extended.

“Except for the extension of the exchange offer expiration date, all other terms and conditions of the exchange offer remain unchanged,” Hertz officials reiterated at the time of the announcement.

Stockholder questions regarding the exchange offer or requests for exchange offer documents can be directed to Hertz’s information agent for the exchange offer, Innisfree M&A, at (877) 456-3507.

Stockholder questions regarding the exchange offer can also be directed to Hertz’s dealer manager for the exchange offer, Barclays Capital, at (888) 610-5877.

Barclays Capital, Lazard, Bank of America Merrill Lynch and Deutsche Bank Securities are acting as financial advisors to Hertz. Barclays Capital is acting as the dealer manager for the exchange offer.

Cravath, Swaine & Moore LLP, Debevoise & Plimpton LLP and Jones Day are acting as legal advisors to Hertz.

William Blair & Co. is acting as a financial advisor to Hertz in connection with the sale of its Advantage brand.

Regarding the proposed aquisition, Dollar Thrifty officials emphasize the company is continuing to cooperate with Avis Budget Group and Hertz Global Holdings with respect to the FTC review.

“The company does not have an agreement, written or verbal, regarding merger terms, including price, with either Hertz or Avis Budget,” DTAG officials recently reiterated during its second-quarter financial report.