BANGALORE May 9 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.
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
May 14 - Hertz says it filed with regulators for antitrust
approval for its potential buy of Dollar Thrifty.
June 15 - Avis says the U.S. Federal Trade Commission (FTC)
seeks more information on its offer for Dollar Thrifty.
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.
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.
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. [ID:nSGE68M0JI]
Sept 24 - Hertz says it won't raise its offer further.
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
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