TULSA, Okla. -

In the latest development involving the pursuit of Dollar Thrifty Automotive Group, the Tulsa, Okla.-based rental company and Hertz Global Holdings said late last week they will cooperate as Hertz seeks the regulatory green light from the Federal Trade Commission regarding its offer to purchase Dollar Thrifty.

Hertz proposed an exchange offer for all outstanding shares of DTAG stock on May 9. Now, Hertz is seeking antitrust clearance from the FTC.

The company said it is “working expeditiously” with DTAG and regulators to gain that clearance, noting that it has begun talks with the FTC and started the process to divest its Advantage brand.

“Obtaining antitrust clearance is our top priority. We are committed to offering deal certainty to the Dollar Thrifty shareholders,” stated Hertz chairman and chief executive officer Mark Frissora. “To date, Avis Budget has been unable to produce a viable antitrust remedy, despite recent press speculation and an entire year of discussions with the FTC.

“We are pleased that Dollar Thrifty is willing to work proactively with us to move through the antitrust review process as quickly as possible,” he added.

In its statement, Dollar Thrifty had the following to say: “As previously announced on May 9, 2011, Dollar Thrifty’s Board of Directors will review and consider Hertz’s exchange offer, which has not yet been commenced, in accordance with its fiduciary duties to Dollar Thrifty shareholders. Pending such review, Dollar Thrifty shareholders are advised to take no action regarding the exchange offer.”

The company added: “As previously reported, Dollar Thrifty is also cooperating with Avis Budget Group Inc. in connection with its efforts to pursue antitrust regulatory clearance of an acquisition of all outstanding shares of Dollar Thrifty common stock.

“There can be no assurance as to the timing or outcome of the efforts to secure antitrust regulatory clearance for a transaction with either Hertz or Avis Budget, that any agreement with respect to such a transaction will be reached, that any such transaction will be consummated, or as to the timing or terms of any transaction,” officials stressed.

A spokesperson for  Avis Budget declined comment for this story.