Car hire firm Dollar Thrifty has said that it wants to see best final offers from Avis and Hertz, both of which are interested in gaining control of the smaller rival. According to Scott Thompson, Dollar’s chief executive, the prolonged uncertainty about the situation was in the best interests of nobody and that he was working towards the best deal for the company’s shareholders.
Thompson has sent a letter to the heads of Avis and Hertz although they are yet to comment. The Dollar boss said it was unlikely he would accept any offer which meant that shareholders were at risk from the results of the anti-trust review process.
Avis is currently waiting for a decision from regulators over its offer for Dollar, and Hertz has been asked to provide additional information regarding its proposal to the Federal Trade Commission.
Dollar recently posted its financial results for the second-quarter and they were less than analysts’ predictions. However, the car rental firm said it expected to put in a strong performance through 2012 and that resolving the takeover issue was a top priority.
Hertz and Avis have been wrestling for control of Dollar for the past 16 months. In May, $2.1 billion was put on the table by Hertz which was a 30 per cent increase on a previous offer. Avis has offered $1.7 billion. In June Avis bought its European counterpart in a deal worth around $1 billion. Many analysts are now unsure whether Avis will be keen to up its offer for Dollar.
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