TULSA, Okla., Jul 28, 2010 (BUSINESS WIRE) --
Dollar Thrifty Automotive Group, Inc. (NYSE: DTG) today confirmed that
it received a letter dated July 28, 2010, from Avis Budget Group ("Avis
Budget") outlining an unsolicited proposal to acquire all Dollar Thrifty
common stock for consideration consisting of $39.25 in cash and 0.6543
share of Avis Budget stock per Dollar Thrifty share.
As previously announced, Hertz Global Holdings, Inc. ("Hertz") and
Dollar Thrifty executed a definitive merger agreement on April 25, 2010
and the Company continues to be bound by the terms of that agreement.
Hertz filed a preliminary proxy statement/prospectus with respect to the
merger with the Securities and Exchange Commission on May 25, 2010, and
Dollar Thrifty has scheduled a special meeting of shareholders on
September 16, 2010 for a vote on this matter. Shareholders of record as
of August 13, 2010 would be entitled to receive notice of and to vote at
The Dollar Thrifty board of directors will review and consider the terms
of the Avis Budget proposal in accordance with its fiduciary obligations
to shareholders and consistent with the Company's commitments under the
Hertz merger agreement.
Dollar Thrifty will have no further comment on this matter at this time.
About Dollar Thrifty Automotive Group, Inc.
Dollar Thrifty Automotive Group, Inc. is headquartered in Tulsa,
Oklahoma. Driven by the mission "Value Every Time," the Company's
brands, Dollar Rent A Car and Thrifty Car Rental, serve value-conscious
travelers in over 80 countries. Dollar and Thrifty have approximately
600 corporate and franchised locations in the United States and Canada,
operating in virtually all of the top U.S. and Canadian airport markets.
The Company's approximately 6,000 employees are located mainly in North
America, but global service capabilities exist through an expanding
international franchise network. For additional information, visit http://www.dtag.com/
or the brand sites at http://www.dollar.com/
Important Information for Investors and Stockholders
This document does not constitute an offer to sell or the solicitation
of an offer to buy any securities or a solicitation of any vote or
approval. Hertz has filed with the Securities and Exchange Commission
("SEC") a preliminary registration statement on Form S-4 (registration
statement number 333-167085) that includes a preliminary proxy statement
of DTG that also constitutes a preliminary prospectus of Hertz. Hertz
and DTG also plan to file other documents with the SEC regarding the
proposed transaction. After the registration statement has been declared
effective by the SEC, a definitive proxy statement/prospectus will be
mailed to stockholders of DTG. INVESTORS AND STOCKHOLDERS OF DTG ARE
URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED
WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
TRANSACTION. Investors and stockholders will be able to obtain free
copies of the proxy statement/prospectus and other documents containing
important information about Hertz and DTG, once such documents are filed
with the SEC, through the website maintained by the SEC at http://www.sec.gov.
Copies of the documents filed with the SEC by Hertz will be available
free of charge on Hertz's internet website at www.hertz.com
or by contacting Hertz's Investor Relations Department at 201-307-2100.
Copies of the documents filed with the SEC by DTG will be available free
of charge on DTG's internet website at www.dtag.com
or by contacting DTG's Investor Relations Department at 918-669-2119.
Hertz, DTG, their respective directors and certain of their executive
officers may be deemed to be participants in the solicitation of proxies
from the stockholders of DTG in connection with the proposed
transaction. Information about the directors and executive officers of
Hertz is set forth in its proxy statement for its 2010 annual meeting of
stockholders, which was filed with the SEC on April 9, 2010. Information
about the directors and executive officers of DTG is set forth in its
proxy statement for its 2010 annual meeting of stockholders, which was
filed with the SEC on April 27, 2010. Other information regarding the
participants in the proxy solicitation and a description of their direct
and indirect interests, by security holdings or otherwise, is contained
in the preliminary proxy statement/prospectus and will be contained in
other relevant materials to be filed with the SEC when they become
SOURCE: Dollar Thrifty Automotive Group, Inc.
Dollar Thrifty Automotive Group, Inc.
H. Clifford Buster III, 918-669-3277
Chief Financial Officer
Dollar Thrifty Automotive Group, Inc.
Kindra Marts, 918-669-2119
Director - Investor Relations
Sard Verbinnen & Co.
David Reno/Stephanie Pillersdorf