May 12, 2011 / 10:33 PM / 8 years ago

UPDATE 1-Dollar Thrifty to work with Hertz for antitrust nod

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May 12 (Reuters) - Car rental company Dollar Thrifty Automotive Group said it would cooperate with Hertz Global Holdings Inc to secure anti-trust clearance for its proposed buyout.

Earlier this week, Hertz made a higher revised offer to buy Dollar Thrifty for about $2.08 billion, as it looks to form the No. 2 U.S. car rental firm and bump a stalled bid from Avis Budget Group Inc .

Consolidation in the U.S. car rental market has been rapid, leaving four major rivals — Hertz, Avis, Dollar Thrifty and privately held Enterprise Rent a Car. As a result of this, antitrust concerns have emerged as a key factor in the battle for Dollar Thrifty.

Avis and Dollar Thrifty have been pursuing antitrust clearance since October, 2010, after Dollar shareholders voted down a rival offer from Hertz.

In September, Hertz walked away after Dollar Thrifty shareholders rejected its offer, leaving rival Avis as the likely winner in a long-running bidding war for the company.

Dollar Thrifty said there could 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.

Shares of Dollar Thrifty closed at $83.01 on Thursday on the New York Stock Exchange, while shares of Hertz closed at $16.77. (Reporting by Megha Mandavia in Bangalore; Editing by Saumyadeb Chakrabarty) (megha.mandavia@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging; megha.mandavia.reuters.com@reuters.net))

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