Hertz awaits Dollar Thrifty’s decision to merge after winning FTC approval on Thursday
Skift Take
Hertz’s tender offer for Dollar’s stock is set to expire today and may need to be extended to get the necessary number of shares, although both boards have already approved the merger.
Hertz Global Holdings won approval from the Federal Trade Commission on Thursday for its proposed $2.3 billion merger with Tulsa-based Dollar Thrifty Automotive Group.
Commissioners voted 4-1 to allow the deal. Hertz next will attempt to complete its tender offer for Dollar Thrifty's stock at $87.50 per share. The offer is scheduled to expire Friday, unless it is extended.
Hertz needs a majority of Dollar Thrifty shareholders to sell their stock. The merger already has been approved by the boards of both companies.
Dollar Thrifty has 780 employees in Tulsa, while Hertz's biggest operation is its 1,700-person center in Oklahoma City.
During the two years that Hertz has been trying to acquire Dollar Thrifty, some local leaders have expressed concern about Tulsa losing another corporate headquarters. Hertz's top officers are in Park Ridge, N.J., while Tulsa has been the home of Dollar Thrifty since 1994.
Hertz said it will evaluate staffing and functions at both locations after the merger.
On Thursday evening, the top officer of the Tulsa Metro Chamber said he has been impressed with Hertz's executives and their eagerness to learn about Dollar Thrifty's operations.
"While it is too early in the transition process to know the final outcome, we will continue working with Hertz to reinforce the retention of the highly traine
