Hertz Commences DTAG Exchange Offer
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PARK RIDGE, N.J. –
In another development to this ongoing saga of two rental giants pursuing Dollar Thrifty Automotive Group, Hertz Global Holdings said late Tuesday afternoon that its exchange offer for the Tulsa, Okla.-based rental company’s outstanding shares has officially begun.
In the proposed deal, Hertz is offering $57.60 cash, along with 0.8546 Hertz shares, for each DTAG share.
“Hertz and Dollar Thrifty are continuing to cooperate to obtain antitrust regulatory clearance for the exchange offer,” Hertz said in a statement.
The company is referring all stockholder questions about the offer as well as requests for offer documentation to Innisfree M&A Inc., which is Hertz’s information agent, or Barclays Capital, which is the company’s dealer manager for the offering.
Innisfree M&A can be reached toll-free at (877) 456-3507, while Barclays can be reached toll-free at (888) 610-5877.
A spokesperson from Avis Budget Group — which is pursuing an acquisition of DTAG, as well — declined comment. Dollar Thrifty had not yet responded to a request for comment as of press time Wednesday morning.
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