Timeline: Hertz finally drives away with Dollar Thrifty

Mon Aug 27, 2012 2:01pm EDT

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(Reuters) - Car rental company Hertz Global Holdings Inc (HTZ.N) snagged rival Dollar Thrifty Automotive Group DTG.N after a hot pursuit.

Hertz will pay $2.3 billion or $87.50 per share and has offered to divest its budget brand, Advantage, to gain antitrust approval.

Avis Budget Group Inc (CAR.O) pulled out of a long-running bidding war for Dollar Thrifty in September 2011, citing a market downturn.

Following are key milestones in this long-running battle:


April 26 - Hertz agrees to buy Dollar Thrifty in a $1.2 billion deal that will make it the second-biggest U.S. car rental company.

July 28 - Avis offers about $1.33 billion for Dollar Thrifty, topping the Hertz offer.

Aug 3 - Dollar Thrifty rebuffs the Avis bid, saying it's unsure Avis can close the deal.

Sept 2 - Avis raises its bid to $1.36 billion.

Sept 12 - Hertz sweetens its offer to $1.56 billion.

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

Sept 24 - Hertz says it will not raise its offer further.

Sept 27 - Dollar Thrifty rejects Avis bid.

Sept 30 - Dollar Thrifty shareholders reject Hertz's bid. Hertz says it will walk away from the deal, leaving the door open again for Avis.

Nov 4 - Avis says it will need additional funding to complete the Dollar Thrifty deal.


Jan 11 - Avis and Dollar Thrifty say they have no indication from regulators about approval for their proposed deal.

May 9 - Hertz offers nearly $2.1 billion for Dollar Thrifty.

May 12 - Dollar Thrifty says it would cooperate with Hertz to secure antitrust clearance for its proposed buyout.

June 14 - Avis buys Avis Europe, its European counterpart, for 635 million pounds ($1 billion).

Aug 21 - Dollar Thrifty says it would seek best and final offers from Hertz and Avis by October 10.

Sept 14 - Avis says it made significant progress in getting U.S. regulatory clearance to buy Dollar Thrifty but was pulling out of the bidding because of market conditions.

Oct 11 - Dollar Thrifty says it had not received any final acquisition proposal from Hertz or anyone else by an October 10 deadline, and it would go ahead with a stand-alone plan.

Oct 27 - Hertz withdraws its offer, citing a Dollar Thrifty share buyback program and current market conditions, but says still interested in buying the company.


Aug 1 - Dollar Thrifty urges Hertz to put an end to two years of fruitless takeover offers by making a compelling bid to settle the matter once and for all.

Aug 2 - Avis's finance chief says keeping a close eye on Dollar Thrifty but declined to say if the company was still interested in buying it.

Aug 3 - Hertz says it expects to take a loss on any sale of its Advantage budget car rental business as part of efforts to win antitrust clearance for a potential purchase of Dollar Thrifty.

Aug 22 - Hertz is asking Dollar Thrifty shareholders for a price at which they would sell the company, Bloomberg News reports.

Aug 23 - Several top Dollar Thrifty shareholders say they would accept a takeover offer from Hertz that values the car rental firm at more than $87 per share, or $2.4 billion.

Aug 25 - Hertz close to an agreement to acquire Dollar Thrifty, according to sources.

($1 = 0.6330 British pounds)

(Compiled by Bijoy Koyitty and Megha Mandavia in Bangalore, Editing by Sriraj Kalluvila, Akshay Lodaya)

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