Avis Budget Withdraw Bid For Dollar Thrifty Group

Hi all,

Breaking news this evening regarding the Dollar Thrifty Group buy out, and as the title suggests Avis Budget have decided to pull out of the running to take over the Tulsa based USA car rental supplier.

In a regulatory filing, Avis Budget sited “current market conditions” for the decision.

We have made significant progress toward obtaining U.S. regulatory clearance for the acquisition of DTG, and we believe that such regulatory clearance could be obtained. Nonetheless, we have decided not to pursue a transaction at this time in light of current market conditions.”

Avis Budget, who have recently spent £635 million on obtaining Avis Europe, made their offer, a combination of $45.79 in cash and 0.6543 shares of common stock or approximately $1.5 billion in aggregate based on stock prices at the time, back in September 2010.

Hertz came in with their own offer and to date this still stands.

My take on the Dollar Thrifty Buy Out…. and not to blow my own trumpet but…………. I said this would happen ;-)

regards,

James

 Florida car hire

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