I’ve managed to see a copy of this letter which I have posted below
August 21, 2011
Mr. Ronald L. Nelson
Chairman and Chief Executive Officer Avis Budget Group,
Inc. 6 Sylvan Way Parsippany,
Mr. Mark P. Frissora
Chairman of the Board and Chief Executive Officer Hertz Global Holdings,
Inc. 225 Brae Boulevard Park Ridge,
Dear Ron and Mark:
As you are aware, Dollar Thrifty has worked cooperatively with each of Avis Budget and Hertz for many months in an effort to obtain antitrust regulatory clearance for a possible business combination transaction. We understand that these efforts have been fruitful, and believe that each of Avis Budget and Hertz is well positioned to complete the regulatory process in a manner that would permit a combination to be completed with limited economic impact. We appreciate the efforts made by each of your companies as well as your continued interest in Dollar Thrifty.
In light of the regulatory progress that has been made, we believe that it is time to ascertain whether a transaction can be accomplished with Avis Budget, Hertz or another party on terms that our Board of Directors determines are in the best interests of Dollar Thrifty and its shareholders. Accordingly, our Board has determined that it will solicit best and final definitive proposals for submission in early October. Based on the results of this process, we will consider what actions would be in the best interests of Dollar Thrifty and its shareholders. While the details of our process will be furnished separately by our financial advisors in the coming days, I wanted to provide each of you with advance notice in order to give your companies ample preparatory time in which to complete your regulatory efforts. As you can appreciate, in view of the unprecedented opportunity that each of Avis Budget and Hertz has had to assess and mitigate in advance the antitrust regulatory risks of a transaction with Dollar Thrifty, any proposal that requires our shareholders to assume any portion of such risk is unlikely to be acceptable to our Board or shareholders.
Please do not hesitate to let me know if there are any questions.
Very truly yours,
DOLLAR THRIFTY AUTOMOTIVE GROUP, INC.
Scott L. Thompson
President and Chief Executive Officer
A very interesting letter I’m sure you’ll agree. On a positive note it does look like the end is near in this epic saga.
Who do you think will purchase Dollar Thrifty?
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