PARK RIDGE, N.J. -

Along with an explanation of what it means to a proposed deal in Canada, Hertz Global Holdings announced Thursday that it agreed to extend the term of its timing agreement with the Federal Trade Commission in connection with its previously announced cash tender offer to purchase all outstanding shares of common stock of Dollar Thrifty Automotive Group.

The extension now lasts until 11:59 p.m. on Nov. 16.

As previously announced, Hertz and the FTC staff entered into a timing agreement whereby Hertz would not close the transaction prior to 11:59 p.m. on Oct. 31 without the prior agreement of the FTC.

Officials said the FTC has not completed its review of the information provided by Hertz and Dollar Thrifty and has requested an extension of time to review the transaction beyond Oct. 31.

Accordingly, Hertz agreed to extend the term of the timing agreement, and Hertz and Dollar Thrifty will not close the transaction prior to 11:59 p.m. on Nov. 16 without the prior agreement of the FTC.

“Hertz and Dollar Thrifty will continue to assist the FTC in its review of the relevant information and are continuing to work with the FTC to address matters raised by the commissioners and the staff,” officials said.

“There can be no assurance as to what actions the FTC may take in connection with the proposed acquisition,” they continued. “There can also be no assurance as to whether the FTC will consent to any request to close the transaction before Nov. 16.”

On Wednesday, an article on dealReporter attributed certain statements to Richard Broome, a spokesperson for Hertz. 

“Those statements, other than Mr. Broome’s statement regarding a scheduled deposition with the FTC, were not made by Mr. Broome and should not be relied upon,” Hertz said.

And in a related announcement, Franchise Services Of North America based in Calgary, Alberta, provided an update Thursday on transaction timing to its previous announcements of Aug. 28 and Sept. 6. The move is relating to its agreement to acquire Simply Wheelz, a Delaware limited liability company and the owner of the Advantage Rent-A-Car brand and certain other divested assets from Hertz Global Holdings

“The company’s successful completion of the acquisition of Advantage and the other assets is subject to a number of conditions, including completion of Hertz’s acquisition of Dollar Thrifty and there is no assurance that such acquisition will be consummated,” FSNA officials said.