PARK RIDGE, N.J., Nov. 20,
2012 /PRNewswire/ -- Hertz Global Holdings, Inc. (NYSE: HTZ)
announced today that it has successfully completed its previously
announced acquisition of Dollar Thrifty Automotive Group, Inc.
(NYSE: DTG). As a result of the transaction, Dollar Thrifty
has become a wholly owned subsidiary of Hertz.
Hertz Chairman and Chief Executive Officer, Mark P. Frissora said: "In the 94-year history
of Hertz, our employees and business partners have never been this
excited. Over the past six years, we have competed
successfully with only one global premium brand in place while our
competitors have had multiple brands to work against us.
Starting today, we now have two additional, popular brands to
compete across multiple market segments, with plans to offer them
to our many partners and customers. That's why we are pleased
to announce that the transaction is complete, and we look forward
to working expeditiously with Dollar Thrifty to integrate the
strengths of our two great companies."
Hertz completed a tender offer in which it purchased
approximately 99.6% of the shares of Dollar Thrifty common stock
then outstanding at $87.50 per share
in cash.
Hertz subsequently acquired the remaining shares of Dollar
Thrifty common stock by means of a short-form merger in which such
shares were converted into the right to receive the same
$87.50 per share in cash that will be
paid in the tender offer. In order to accomplish the
short-form merger, Hertz exercised its "top-up" option to purchase
additional shares of Dollar Thrifty common stock directly from
Dollar Thrifty. Dollar Thrifty's common stock will no longer
be listed on the New York Stock Exchange.
On November 20, 2012, Hertz posted
to its website a summary of the divestiture agreement that Hertz
entered into with the Federal Trade Commission in connection with
the acquisition of Dollar Thrifty, a list of related frequently
asked questions and PowerPoint slides.
Hertz Contact information:
Investors
Leslie
Hunziker
Staff Vice President - Investor Relations
Tel: 201-307-2337
E-mail: lhunziker@hertz.com
Media
Richard
Broome
Senior Vice President - Corporate Affairs & Communications
Tel: 201-307-2486
E-mail: rbroome@hertz.com
Steven Lipin / Jayne Rosefield
Brunswick Group
Tel: 212-333-3810
About Hertz Global Holdings, Inc.
Hertz is the largest worldwide airport general use car rental
brand, operating from approximately 8,800 corporate and licensee
locations in approximately 150 countries in North America, Europe, Latin
America, Asia, Australia, Africa, the Middle
East and New Zealand. Hertz
is the number one airport car rental brand in the U.S. and at 111
major airports in Europe. In
addition, the Company has sales and marketing centers in 60
countries which promote Hertz business both within and outside such
country. Product and service initiatives such as Hertz Gold Choice,
Hertz #1 Club Gold®, NeverLost® customized, onboard navigation
systems, Sirius XM Satellite Radio, and unique cars and SUVs
offered through the Company's Adrenaline, Prestige and Green
Traveler Collections, set Hertz apart from the competition. In
2008, the Company entered the global car sharing market with its
service now referred to as Hertz On Demand which rents cars by the
hour and/or by the day, at various locations in the U.S.,
Canada and Europe. Hertz also operates one of the world's
largest equipment rental businesses, Hertz Equipment Rental
Corporation, offering a diverse line of rental equipment, from
small tools and supplies to earthmoving equipment, as well as new
and used equipment for sale, to customers ranging from major
industrial companies to local contractors and consumers, from
approximately 340 branches in the United
States, Canada,
China, France, Spain
and Saudi Arabia, as well as
through its international licensees. Hertz also owns Donlen
Corporation, based in Northbrook,
Illinois, which is a leader in providing fleet leasing and
management services.
About Dollar Thrifty Automotive Group, Inc.
Through its Dollar Rent A Car and Thrifty Car Rental brands, the
Company has been serving value-conscious leisure and business
travelers since 1950. The Company maintains a strong presence
in domestic leisure travel in virtually all of the top U.S. and
Canadian airport markets, and also derives a significant portion of
its revenue from international travelers to the U.S. under
contracts with various international tour operators. Dollar
and Thrifty have approximately 280 corporate locations in
the United States and Canada, with approximately 5,800 employees
located mainly in North America. In addition to its corporate
operations, the Company maintains global service capabilities
through an expansive franchise network of approximately 1,300
franchise locations in 82 countries. For additional
information, visit www.dtag.com or the brand sites at
www.dollar.com and www.thrifty.com.
Cautionary Note Concerning Forward-Looking Statements
This communication contains "forward-looking statements".
Examples of forward-looking statements include information
concerning Hertz's outlook, anticipated revenues and results of
operations, as well as any other statement that does not directly
relate to any historical or current fact. These forward-looking
statements often include words such as "believe," "expect,"
"project," "anticipate," "intend," "plan," "estimate," "seek,"
"will," "may," "would," "should," "could," "forecasts" or similar
expressions. These statements are based on certain assumptions that
Hertz has made in light of its experience in the industry as well
as its perceptions of historical trends, current conditions,
expected future developments and other factors that Hertz believes
are appropriate in these circumstances. We believe these judgments
are reasonable, but you should understand that these statements are
not guarantees of performance or results, and our actual results
could differ materially from those expressed in the forward-looking
statements due to a variety of important factors, both positive and
negative.
Among other items, such factors could include: the risk that
expected synergies, operational efficiencies and cost savings from
a Dollar Thrifty acquisition may not be fully realized or realized
within the expected time frame; the risk that unexpected costs will
be incurred in connection with the proposed Dollar Thrifty
transaction; the retention of certain key employees of Dollar
Thrifty may be difficult; the operational and profitability impact
of divestitures required to be undertaken to secure regulatory
approval for an acquisition of Dollar Thrifty; levels of travel
demand, particularly with respect to airline passenger traffic in
the United States and in global
markets; significant changes in the competitive environment,
including as a result of industry consolidation, and the effect of
competition in our markets, including on our pricing policies or
use of incentives; occurrences that disrupt rental activity during
our peak periods; our ability to achieve cost savings and
efficiencies and realize opportunities to increase productivity and
profitability; an increase in our fleet costs as a result of an
increase in the cost of new vehicles and/or a decrease in the price
at which we dispose of used vehicles either in the used vehicle
market or under repurchase or guaranteed depreciation programs; our
ability to accurately estimate future levels of rental activity and
adjust the size of our fleet accordingly; our ability to maintain
sufficient liquidity and the availability to us of additional or
continued sources of financing for our revenue earning equipment
and to refinance our existing indebtedness; safety recalls by the
manufacturers of our vehicles and equipment; a major disruption in
our communication or centralized information networks; financial
instability of the manufacturers of our vehicles and equipment; any
impact on us from the actions of our licensees, franchisees,
dealers and independent contractors; our ability to maintain
profitability during adverse economic cycles and unfavorable
external events (including war, terrorist acts, natural disasters
and epidemic disease); shortages of fuel and increases or
volatility in fuel costs; our ability to successfully integrate
acquisitions and complete dispositions; our ability to maintain
favorable brand recognition; costs and risks associated with
litigation; risks related to our indebtedness, including our
substantial amount of debt and our ability to incur substantially
more debt and increases in interest rates or in our borrowing
margins; our ability to meet the financial and other covenants
contained in our senior credit facilities, our outstanding
unsecured senior notes and certain asset-backed and asset-based
funding arrangements; changes in accounting principles, or their
application or interpretation, and our ability to make accurate
estimates and the assumptions underlying the estimates, which could
have an effect on earnings; changes in the existing, or the
adoption of new laws, regulations, policies or other activities of
governments, agencies and similar organizations where such actions
may affect our operations, the cost thereof or applicable tax
rates; changes to our senior management team; the effect of
tangible and intangible asset impairment charges; the impact of our
derivative instruments, which can be affected by fluctuations in
interest rates and commodity prices; and our exposure to
fluctuations in foreign exchange rates. Additional information
concerning these and other factors can be found in our filings and
Dollar Thrifty's filings with the Securities and Exchange
Commission, including our and Dollar Thrifty's most recent Annual
Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K.
Hertz therefore cautions you against relying on these
forward-looking statements. All forward-looking statements
attributable to Hertz or persons acting on its behalf are expressly
qualified in their entirety by the foregoing cautionary statements.
All such statements speak only as of the date made, and Hertz
undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
SOURCE Hertz Global Holdings, Inc.
