Hertz reaches 'material agreement' to divest Advantage

Discussion in 'Hertz | #1 Awards/#1 Club' started by sobore, May 4, 2012.

  1. sobore
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    sobore Gold Member

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    Hertz Global Holdings Inc., which has been trying to acquire Tulsa-based Dollar Thrifty Automotive Group Inc. for more than two years, said Thursday it reached a "material agreement" to divest its Advantage rental-car brand.

    Selling Advantage is a key step toward getting antitrust clearance for a Dollar Thrifty acquisition, analysts have said.

    "We have agreed on the material terms of a divestiture of our Advantage business with a potential buyer and have provided those terms to" the U.S. Federal Trade Commission, Hertz CEO Mark Frissora said on a conference call Thursday.
    Dollar Thrifty, which employs about 700 in Tulsa, has been the subject of takeover interest for several years.

    Scott Thompson, CEO of Dollar Thrifty, said the company would deal with a Hertz offer "if and when" anything materialized.

    Read more from this Tulsa World article at http://www.tulsaworld.com/business/article.aspx?subjectid=509&articleid=20120504_54_E1_HertzG616338
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