PARK RIDGE, N.J., Oct. 22, 2012 /PRNewswire/ -- Hertz Global
Holdings, Inc. (NYSE: HTZ) today announced that it has extended the
expiration date of its previously announced cash tender offer to
purchase all outstanding shares of common stock of Dollar Thrifty
Automotive Group, Inc. (NYSE: DTG) for $87.50 per share. The tender offer is now
scheduled to expire at 5:00 p.m.,
New York City time, on
November 5, 2012, unless further extended in accordance
with the merger agreement and the applicable rules and regulations
of the U.S. Securities and Exchange Commission (SEC). The
merger agreement provides for extensions of up to 10 business days.
The tender offer was previously scheduled to expire at
5:00 p.m., New York City
time, on October 22, 2012.
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Except for the extension of the tender offer expiration date,
all other terms and conditions of the tender offer remain
unchanged. The depositary for the tender offer has advised
Hertz that, as of the close of business on October 19, 2012, approximately 9,021,453 shares
of Dollar Thrifty common stock have been tendered into and not
withdrawn from the tender offer (which includes shares subject to
guaranteed delivery procedures).
On October 18, 2012, Hertz
announced that it had agreed to extend the term of its timing
agreement with the Federal Trade Commission (FTC) until
11:59 p.m. on November 16, 2012, in response to the FTC's
request for further time to review the transaction. In the
event Hertz has not received a decision from the FTC by the revised
tender offer expiration date of November
5, the merger agreement provides for additional
extensions.
The tender offer statement and related materials have been filed
with the SEC. Dollar Thrifty stockholders who need additional
copies of the tender offer statement and related materials or who
have questions regarding the offer should contact Innisfree M&A
Incorporated, the Information Agent for the offer, toll-free at
(877) 456-3507.
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 8,760 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 119
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 330 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: our ability to
obtain regulatory approval for and to consummate an acquisition of
Dollar Thrifty; 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.
Additional Information
On September 10, 2012, Hertz filed with the United
States Securities and Exchange Commission (the "SEC") a tender
offer statement on Schedule TO and Dollar Thrifty filed with the
SEC a Solicitation/Recommendation Statement on Schedule 14D-9
("Schedule 14D-9") regarding the tender offer described
herein. Investors and security holders of Dollar Thrifty are
strongly advised to read the tender offer statement (as updated and
amended) filed by Hertz and the Schedule 14D-9 (as updated and
amended) filed by Dollar Thrifty with the SEC, because each
contains important information that Dollar Thrifty's stockholders
should consider before tendering their shares. The tender
offer statement and other documents filed by Hertz with the SEC are
available for free at the SEC's web site
(http://www.sec.gov). Copies of Hertz's filings with the SEC
may be obtained at the SEC's web site (http://www.sec.gov) or by
directing a request to Hertz at (201) 307-2100. Copies of
Dollar Thrifty's filings with the SEC are available free of charge
on Dollar Thrifty's website at www.dtag.com or by contacting Dollar
Thrifty's Investor Relations Department at 918-669-2236.
SOURCE Hertz Global Holdings, Inc.