Hertz Says FTC Didn't Complete Info Review and is Requesting an Extension

Hertz Global Holdings, Inc. HTZ today announced that, in connection with its previously announced cash tender offer to purchase all outstanding shares of common stock of Dollar Thrifty Automotive Group, Inc. DTG for $87.50 per share, Hertz has agreed to extend the term of its timing agreement with the Federal Trade Commission (FTC) until 11:59 p.m. on November 16, 2012. As previously announced, Hertz and the FTC staff entered into a timing agreement whereby Hertz would not close the transaction prior to 11:59 p.m. on October 31, 2012 without the prior agreement of the FTC.  The FTC has not completed its review of the information provided by Hertz and Dollar Thrifty and has requested an extension of time to review the transaction beyond October 31, 2012.  Accordingly, Hertz has agreed to extend the term of the timing agreement and Hertz and Dollar Thrifty will not close the transaction prior to 11:59 p.m. on November 16, 2012 without the prior agreement of the FTC. Hertz and Dollar Thrifty will continue to assist the FTC in its review of the relevant information and are continuing to work with the FTC to address matters raised by the Commissioners and the staff.  There can be no assurance as to what actions the FTC may take in connection with the proposed acquisition.  There can also be no assurance as to whether the FTC will consent to any request to close the transaction before November 16, 2012. On October 17, 2012 an article in dealREPORTER attributed certain statements to Richard Broome, a spokesperson for Hertz.  Those statements, other than Mr. Broome's statement regarding a scheduled deposition with the FTC, were not made by Mr. Broome and should not be relied upon.