September 14, 2011 / 1:41 PM / 6 years ago

Timeline: Bidding war for Dollar Thrifty

(Reuters) - Avis Budget Group Inc (CAR.O) said it was no longer in the bidding to buy smaller rival Dollar Thrifty Automotive Group DTG.N, citing the current market downturn. Hertz Global Holdings Inc (HTZ.N) has also bid for Dollar Thrifty.

Following are key milestones in this long-running battle:

April 26, 2010 - Hertz agrees to buy Dollar Thrifty in a $1.2 billion deal that will make it the second-biggest U.S. car rental company.

May 3 - Avis Budget says it is interested in making a “substantially higher” offer than Hertz.

May 4 - Dollar Thrifty says it would be willing to entertain a higher offer from Avis.

May 6 - Avis says it plans to begin due diligence for a possible bid that could top Hertz’s offer.

May 13 - Avis says it filed with U.S. regulators for antitrust approval for a potential acquisition of Dollar Thrifty.

May 14 - Hertz says it filed with regulators for antitrust approval for its Dollar Thrifty acquisition.

June 15 - Avis says the U.S. Federal Trade Commission (FTC) seeks more information on its interest in Dollar Thrifty.

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

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 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 28 - Hertz says it will drop its offer for Dollar Thrifty if it loses a shareholder vote.

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.

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

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

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.

May 9 - Hertz offers nearly $2.1 billion for Dollar Thrifty, taking advantage of Avis’ problems in getting regulatory clearance for a rival bid.

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

May 23 - Hertz said it would start a direct exchange offer for Dollar Thrifty as it gets aggressive to wrap up a deal.

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

July 11 - Hertz extends the date of a direct exchange offer for Dollar Thrifty to August 5.

Aug 1 - Labor union International Brotherhood of Teamsters said it asked Dollar Thrifty in July to redeem the poison pill adopted to thwart any hostile acquisition bid by Hertz.

Aug 21 - Dollar Thrifty said it would seek best and final offers from Hertz and Avis in early October.

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

Compiled by Bijoy Koyitty and Megha Mandavia in Bangalore, Editing by Ian Geoghegan

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below