Avis Budget Files for Antitrust Approval Regarding Potential Purchase of Dollar Thrifty
PARSIPPANY, N.J. — In the latest development to the potential sale of a major player in the rental-car market, Avis Budget Group revealed late Thursday afternoon that it has filed for antitrust approval of its potential acquisition of Dollar Thrifty Automotive Group.
Specifically, Avis Budget officials said the company filed notification with federal antitrust authorities under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended, regarding its potential purchase of Dollar Thrifty.
"We continue to believe that the acquisition of Dollar Thrifty by Avis Budget Group would be in the best interests of both companies' shareholders and that the antitrust analysis and clearance timetable for an Avis Budget/Dollar Thrifty transaction are comparable to those associated with a Hertz/Dollar Thrifty transaction," stated Avis Budget Group chairman and chief executive officer Ronald Nelson.
"An Avis Budget/Dollar Thrifty transaction would yield significant synergies and efficiencies, and enhance Dollar Thrifty's ability to compete against Enterprise, the industry's largest player, Hertz, the industry's highest-share brand, and others in the intensely competitive car rental market," he added. "We are pleased to have taken this affirmative step toward a Dollar Thrifty transaction."
Officials indicated that Citigroup and Morgan Stanley are acting as financial advisers to Avis Budget Group. Meanwhile, acting as legal counsel are Kirkland & Ellis LLP and Arnold & Porter LLP.
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