Dollar Thrifty Automotive (NYSE:DTG) has requested a best and final definitive offer from Hertz (NYSE:HTZ) and Avis Budget (NASDAQ:CAR) in their ongoing takeover war for the car renter.
In a letter to the companies sent late Sunday, Dollar Thrifty CEO Scott Thompson said Hertz and Avis have made substantial progress in their efforts to acquire the necessary regulatory approvals, and the time has come to determine if a transaction can be achieved.
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Continuing uncertainty is in no ones best interest and both Hertz and Avis have the information they need to put forward their best and final offers, he said in a statement.
Earlier this month, the Federal Trade Commission asked Hertz for additional information regarding its proposed takeover. Avis continues to seek antitrust approval for its offer. The lengthy battle has gone on for 16 months.
The Dollar Thrifty boss said he continues to be very pleased with the companys operational and financial performance. The company, which recently posted weaker-than-expected second-quarter results, raised its fiscal guidance and said it is on track to achieve a record year with continued growth through 2012.
While the company is optimistic about its future, Thompson said it is clear that bringing closure one way or another to the lengthy takeover process with Hertz and Avis is in the best interests of Dollar Thrifty shareholders, the company and its employees.