Dollar Thrifty urges talks on merger

By Bloomberg News
August 22, 2011

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NEW YORK - Dollar Thrifty Automotive Group has sent a letter to Hertz Global Holdings Inc. and Avis Budget Group seeking each company’s “best and final’’ proposals for a possible merger.

The proposals should be submitted by early October, Oklahoma-based Dollar Thrifty said.

“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,’’ Thrifty’s chief executive, Scott Thompson, said in a prepared statement.

Hertz is trying to thwart the planned combination of Avis and Dollar Thrifty after shareholders rejected an offer in September.

Dollar Thrifty recommended on June 6 that investors not accept Hertz’s second bid because it undervalues the company.

Avis and Hertz, meantime, separately have been seeking Federal Trade Commission approval for a deal to buy Dollar Thrifty, the fourth-largest US rental-car company.