FTC Issues Approval of Hertz (HTZ)-Dollar Thrifty (DTG) Deal
Get Alerts HTZ Hot Sheet
Join SI Premium – FREE
(Updated - July 11, 2013 11:12 AM EDT)
FTC said ready to issue final approval of Hertz (NYSE: HTZ)-Dollar Thrifty (NYSE: DTG), according to Bloomberg headlines.
The initial merger was closed on November 20th, according to Hertz.
UPDATE - The following is from the U.S. FTC website:
The Federal Trade Commission has approved a slightly modified version of a settlement requiring Hertz Global Holdings, Inc. to sell a number of assets in conjunction with its $2.3 billion acquisition of Dollar Thrifty Automotive Group, Inc.
Under the settlement with the FTC, Hertz agreed to sell its Advantage Rent A Car business to Financial Services of North America (FSNA), along with the rights to 29 of Dollar Thrifty’s airport-based rental locations around the country, creating an independent rental car company with 72 locations. Sixteen of the Dollar Thrifty locations were divested to FSNA shortly after the deal was completed, and most of the rest have been transferred in recent months, including the location at Ronald Reagan Washington National Airport (DCA). The only remaining locations -- those at New York City airports -- will be transferred shortly.
The modified final order approved by the Commission adjusts some of the dates by which Hertz must transfer certain airport rental locations to the acquirer, clarifies some details regarding the possible resale of the divested assets by the acquirer and notification of key staffing changes. In addition, the modified order requires the divestiture of the Dollar Thrifty location at DCA, rather than the Advantage desk as originally contemplated.
The Commission vote approving the modified final order was 3-0-1, with Commissioner Joshua D. Wright not participating. Letters from members of the public who commented on it can be found on the FTC’s website. (FTC File No. 121-0120; the staff contacts are Michael R Moiseyev, Bureau of Competition, 202-326-3106, and Daniel P. Ducore, Bureau of Competition, 202-326-2526.)
The initial merger was closed on November 20th, according to Hertz.
UPDATE - The following is from the U.S. FTC website:
The Federal Trade Commission has approved a slightly modified version of a settlement requiring Hertz Global Holdings, Inc. to sell a number of assets in conjunction with its $2.3 billion acquisition of Dollar Thrifty Automotive Group, Inc.
Under the settlement with the FTC, Hertz agreed to sell its Advantage Rent A Car business to Financial Services of North America (FSNA), along with the rights to 29 of Dollar Thrifty’s airport-based rental locations around the country, creating an independent rental car company with 72 locations. Sixteen of the Dollar Thrifty locations were divested to FSNA shortly after the deal was completed, and most of the rest have been transferred in recent months, including the location at Ronald Reagan Washington National Airport (DCA). The only remaining locations -- those at New York City airports -- will be transferred shortly.
The modified final order approved by the Commission adjusts some of the dates by which Hertz must transfer certain airport rental locations to the acquirer, clarifies some details regarding the possible resale of the divested assets by the acquirer and notification of key staffing changes. In addition, the modified order requires the divestiture of the Dollar Thrifty location at DCA, rather than the Advantage desk as originally contemplated.
The Commission vote approving the modified final order was 3-0-1, with Commissioner Joshua D. Wright not participating. Letters from members of the public who commented on it can be found on the FTC’s website. (FTC File No. 121-0120; the staff contacts are Michael R Moiseyev, Bureau of Competition, 202-326-3106, and Daniel P. Ducore, Bureau of Competition, 202-326-2526.)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Fulcrum Therapeutics to merge with Slate Medicines in all-stock deal
- Hertz Global (HTZ) PT Lowered to $2.50 at Susquehanna
- Cytokinetics sues Bristol-Myers Squibb over aficamten patent dispute
Create E-mail Alert Related Categories
Hot Corp. News, Insiders' Blog, Litigation, Mergers and AcquisitionsRelated Entities
Dollar Thrifty TakeoverSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!



Tweet
Share