Dollar Thrifty Sends Letter To Hertz And Avis Advising Of Intent To Solicit Best And Final Proposals

Dollar Thrifty Automotive Group appears to be growing impatient with its suitors.

Dollar Thrifty Automotive Group, Inc. announced on August 21 that it has sent a letter to Hertz Global Holdings, Inc. and Avis Budget Group, Inc. advising them of Dollar Thrifty's intention to solicit for submission in early October 2011 best and final definitive proposals regarding a potential business combination with Dollar Thrifty.

Scott L. Thompson, President and CEO, said "Hertz and Avis have made substantial progress with respect to regulatory reviews and our Board has concluded that the time has come to determine if, and on what terms, a transaction can be achieved. Continuing uncertainty is in no one's best interest and both Hertz and Avis have the information they need to put forward their best and final offers."

Thompson added: "I continue to be very pleased with our operational and financial performance. We recently announced expectations for another record year, targeting corporate adjusted EBITDA of between $270 and $290 million, and we are positioned for continued strong performance in 2012. We are optimistic about our future but it's clear that bringing closure one way or another to the process with Hertz and Avis is in the best interests of our shareholders, the company, and our employees."

Hertz and Avis have been locked in a drawn-out bidding war over Dollar Thrifty.

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