Dollar Thrifty Automotive (NYSE:DTG) has recommended that its shareholders reject an offer by Hertz Global (NYSE:HTZ) to acquire all of the companys outstanding shares for $72 each.
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The unanimous recommendation by the companys board follows uncertainty surrounding the length and outcome of the regulatory process as Hertz and Avis Budget (NASDAQ:CAR) both seek antitrust clearance for rival buyout deals
Tendering one share would yield $57.60 in cash and 0.8546 shares of Hertz common stock. The Tulsa, Okla.-based company said it would continue cooperating with both car renters through the regulatory process.
We will be monitoring the antitrust regulatory process and other circumstances carefully, and our board will reconsider its recommendation if the situation warrants, Dollar Thrifty CEO Scott Thompson said in a statement.
Last month, Dollar Thrifty adopted a poison pill, or shareholder-rights plan, designed to disallow an unwanted takeover from proceeding too quickly.
J.P. Morgan (NYSE:JPM) and Goldman Sachs (NYSE:GS) are acting as financial advisors to Dollar Thrifty.