TIMELINE-Bidding war for Dollar Thrifty

BANGALORE Mon May 9, 2011 8:44am EDT

BANGALORE May 9 (Reuters) - Hertz on Monday made a second bid for smaller car rental firm Dollar Thrifty , offering close to $2.1 billion, taking advantage of Avis Budget's problems getting regulatory clearance for a rival bid. [ID:nL3E7G91KA]

Following are key milestones in this bid battle to date:

April 26, 2010 - Hertz Global Holdings Inc agrees to buy Dollar Thrifty Automotive Group Inc in a $1.2 billion deal that will make it the second-biggest U.S. car rental company. [ID:nSGE63P03V]

May 3 - Car rental company Avis Budget Group Inc says it is interested in making a "substantially higher" offer than Hertz for Dollar Thrifty. [ID:nSGE6420H6]

May 4 - Dollar Thrifty says it would be willing to entertain a higher offer from Avis. [ID:nSGE6430M8]

May 6 - Avis says it plans to begin due diligence for a possible bid for Dollar Thrifty that could top Hertz's $1.2 billion bid. ID:nSGE6450MU]

May 13 - Avis says it filed with U.S. regulators for antitrust approval for its potential acquisition of Dollar Thrifty. [ID:nSGE64C0M0]

May 14 - Hertz says it filed with regulators for antitrust approval for its potential buy of Dollar Thrifty. [ID:nSGE64D0LQ]

June 15 - Avis says the U.S. Federal Trade Commission (FTC) seeks more information on its offer for Dollar Thrifty. [ID:nSGE65E0FN]

July 28 - Avis offers about $1.33 billion for Dollar Thrifty, topping the Hertz offer. [ID:nN28237133]

Aug 2 - Hertz says it has Canadian antitrust approval to buy Dollar Thrifty, but doesn't say if it will top the Avis bid. [ID:nSGE6710J1]

Aug 3 - Dollar Thrifty rebuffs takeover bid from Avis, saying it is unsure Avis can close the deal. [ID:nN03184833]

Sept 2 - Avis raises its bid to $1.36 billion. [ID:nN02194281]

Sept 12 - Hertz sweetens its offer to $1.56 billion. [ID:nN12263946]

Sept 23 - Avis raises its bid for Dollar Thrifty by more than 10 percent to $1.51 billion. [ID:nSGE68M0JI]

Sept 24 - Hertz says it won't raise its offer further. ID:nSGE68N0GY]

Sept 27 - Dollar Thrifty rejects Avis bid. [ID:nSGE68Q0JJ]

Sept 28 - Hertz says it will drop its offer for Dollar Thrifty if it loses a shareholder vote. [ID:nN28157832]

Sept 30 - Dollar Thrifty shareholders reject Hertz's $1.4 billion bid. Hertz says it will walk away from the deal, leaving the door open again for Avis. [ID:nN30134351]

Nov 4 - Avis says it will need additional funding to complete the Dollar Thrifty deal. [ID:nSGE6A30LO]

Jan 11, 2011 - Avis and Dollar Thrifty say they have no indication from regulators about approval for their proposed deal. [ID:nSGE70A0AZ]

March 25 - Avis's top shareholder says it may hold talks with the board on an appropriate price the company should pay for Dollar Thrifty -- a $1.66 billion deal which has been waiting for antitrust clearance for five months. [ID:nL3E7EP2KG]

(Reporting by Bijoy Koyitty in Bangalore; Editing by Ian Geoghegan)

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