Hertz moves ahead with merger after buying the majority of Dollar Thrifty’s shares
Skift Take
Hertz cleared the two obstacles standing in the way of a merger this week, but regulations will keep the new company from forming a monopoly in the rental car industry.
Hertz Global Holdings Inc. gained enough shares of stock of Tulsa-based Dollar Thrifty Automotive Group Inc. on Friday to clear the way for the completion of their $2.3 billion merger.
At the close of business on Friday, more than half of Dollar Thrifty's 29.4 million shares of stock outstanding had been sold to Hertz, executives said.
Hertz, which had offered $87.50 a share for Dollar Thrifty in its bid to acquire the firm, declined to extend the expiration date of its tender offer past 4 p.m. Friday.
Hertz spokesman Richard Broome said the majority of Dollar Thrifty's shares have been tendered and Hertz executives will begin discussing the transition process to a merged company next week.
"Continuity is the top priority, and Dollar Thrifty's management team will continue to make all day-to-day decisions," Broome said in an email message to the Tulsa World. "There will be an orderly senior leadership transition later this year."
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