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DTE Energy Company 2021 Series E 4.375% Junior Subordinated Debentures (NYSE:DTG) Stock, Option Chain

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DuPont&#39;s (DD) Advanced Printing Unveils New Artistri Inks

News

Trading Ideas

Avis Acquires Zipcar for $500M

Guidance

Management

Stock Split

Hertz Completes Acquisition Of Dollar Thrifty 

DTE Energy Company 2021 Series E 4.375% Junior Subordinated Debentures

DAIMLER TRUCK HLDG AG by DAIMLER TRUCK HLDG AG

Daimler Truck Holding AG

DIGERATI TECHS INC by Digerati Technologies, Inc.

Digerati Technologies Inc

FTC Approves Modified Hertz, Dollar Thrifty Deal, Hertz Will Sell Advantage Rent A Car

Rumors

Bloomberg Reporting FTC Said Ready to Issue Final Approval for Dollar Thrifty, Hertz Deal

Hertz CEO Mark Frissora Says Company Feels Great About Pending FTC Approval OF Dollar Thrifty Takeover, Sees Approval Coming Soon

Shares of Zipcar (NASDAQ: <a class="ticker" href="/stock/zip#NASDAQ">ZIP</a>) rallied nearly 50 percent on Wednesday after it was announced that Avis Budget Group (NASDAQ: <a class="ticker" href="/stock/car#NASDAQ">CAR</a>) had acquired the company for $500 million, or $12.25 per share in cash. 

The deal must first be approved by Zipcar shareholders, but both Zipcar and Avis expect an agreement to be reached by spring.

Avis, a car rental juggernaut, will use its cache of rental cars as Zipcar vehicles during busy holidays and for weekend demand. Zipcar, a popular car-sharing company, allows customers to rent vehicles by the hour instead of the usual daily rates.

Avis' $12.25 per share offer represented a 49 percent premium to Zipcar's Monday trading session close. The transaction will be primarily funded by Avis's available cash and extra debt –- the third largest car rental company in the U.S. has $554 million worth of cash and marketable securities.

The deal is projected to garner between $50 million and $70 million in annual synergies. “By combining with Zipcar, we will significantly increase our growth potential, both in the United States and internationally, and will position our Company to better serve a greater variety of consumer and commercial transportation needs,” said Ronald L. Nelson, Avis Budget Group chairman and CEO, in a press release.

This isn't the first time that Avis has attempted to purchase competitors. In 2010, Avis bid for Dollar Thrifty, but later dropped out of the purchasing hunt. Hertz (NYSE: <a class="ticker" href="/stock/htz#NYSE">HTZ</a>) went onto acquire Dollar Thrifty (NYSE: <a class="ticker" href="/stock/dtg#NYSE">DTG</a>) last year.

Zipcar was founded more than a decade ago and revolutionized the car rental industry. It quickly expanded in many major metropolitan cities across the U.S. and Canada. It went public in April 2011 and raised approximately $174 million in its offering.

It has struggled in recent years, however, due to the rising cost of gasoline prices and a higher demand for short-term rentals, which has led many traditional vehicle rental companies to adapt to the market and offer the same services.

Enterprise, for instance, the nation's largest car rental company, recently acquired Mint Cars On-Demand and PhillyCarShare in order to have a piece of the hourly car rental sharing service.

Hertz Global Holdings, Inc. (NYSE: <a class="ticker" href="/stock/htz#NYSE">HTZ</a>) announced today that it has successfully completed its previously announced acquisition of Dollar Thrifty Automotive Group, Inc. (NYSE: <a class="ticker" href="/stock/dtg#NYSE">DTG</a>).&nbsp; 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.&nbsp;&nbsp; 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.&nbsp; 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.&nbsp; 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
 <a href="http://www.benzinga.com/">See full press release</a>

S&P Upgrades Outlooks on Dollar Thrifty, Hertz Global to Stable

Hertz Global Holdings (NYSE: <a class="ticker" href="/stock/htz#NYSE">HTZ</a>) announced today that its previously announced cash tender offer to purchase all outstanding shares of common stock of&nbsp; Dollar Thrifty Automotive Group, Inc. (NYSE: <a class="ticker" href="/stock/dtg#NYSE">DTG</a>) for $87.50 per share expired at 5:00 p.m., New York City time, as scheduled, and was not extended.
The depositary for the tender offer has advised Hertz that, as of the expiration of the tender offer, approximately 27,956,234 shares of Dollar Thrifty common stock had been validly tendered and not validly withdrawn pursuant to the offer (which includes shares subject to guaranteed delivery procedures), representing approximately 99.6% of the total outstanding shares of Dollar Thrifty common stock.
As previously announced, Hertz has reached an agreement to sell its Advantage business to Adreca Holdings Corp. ("Adreca"), a subsidiary of Macquarie Capital which is operated by Franchise Services of North America Inc.&nbsp; In its settlement agreement with the Federal Trade Commission ("FTC"), Hertz has also agreed to use its commercially reasonable efforts to ensure a new car rental company is given the right to operate on-airport at 26 airports across the country.&nbsp;&nbsp; In about half of these locations Hertz has already reached an agreement
 <a href="http://www.benzinga.com/pressreleases/12/11/n3099759/hertz-announces-expiration-of-tender-offer-to-acquire-dollar-thrifty">See full press release</a>

Hertz Tender Offer to Acquire Dollar Thrifty Expires

The following are the M&amp;A deals, rumors and chatter circulating on Wall Street for Thursday November 15, 2012:

Hearing Chatter Verizon in Takeover Talks with Akamai

The Rumor: Verizon (NYSE: <a class="ticker" href="/stock/vz#NYSE">VZ</a>) is rumored to be in takeover talks with Akamai Technologies (NASDAQ: <a class="ticker" href="/stock/akam#NASDAQ">AKAM</a>), according to sources. Verizon's bid is rumored to be $46 per share.

On June 8, there was chatter that Google (NASDAQ: <a class="ticker" href="/stock/goog#NASDAQ">GOOG</a>) had an interest in acquiring Akamai. In January, Verizon and AT&amp;T (NYSE: <a class="ticker" href="/stock/t#NYSE">T</a>) were both rumored to be making offers of around $40 per share.

Spokespersons for both Akamai and Verizon declined comment on the rumor.

Akamai closed at $36.23 Thursday, a gain of 2.40% on twice average volume.

Report Dun &amp; Bradstreet Decides Against Sale

The Rumor: Reuters is reporting Dun &amp; Bradstreet (NYSE: <a class="ticker" href="/stock/dnb#NYSE">DNB</a>) has decided against a sale of the company. 

ON July 31, WSJ reported DNB had hired JPMorgan Chase and Credit Suisse to explore a possible sale of the company. 

A DNB spokesperson declined comment on the rumor.

Dun &amp; Bradstreet closed at $73.21 Thursday, a loss of 9.4% on 7 times average volume.

FTC Clears Hertz Acquisition of Dollar Thrifty for $87.50/Share

The Approval: Hertz Global Holdings (NYSE: <a class="ticker" href="/stock/htz#NYSE">HTZ</a>) announced Thursday that it has reached an agreement with the U.S. Federal Trade Commission (FTC) allowing Hertz to complete its acquisition of Dollar Thrifty Automotive Group (NYSE: <a class="ticker" href="/stock/dtg#NYSE">DTG</a>). Under the terms of the proposed consent order that was approved by the FTC for public comment, Hertz is required to divest its Advantage business, selected airport concessions and certain other assets following the closing of the acquisition.

Approval of the proposed consent order effectively completes the review of the transaction by the FTC. The closing of the previously announced cash tender offer to purchase all outstanding shares of common stock of Dollar Thrifty for $87.50 per share is also subject to customary terms and conditions, including the acquisition by Hertz of a majority of the outstanding shares of Dollar Thrifty common stock on a fully diluted basis. The tender offer is scheduled to expire at 5:00 p.m., New York City time, on November 16, 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).

Dollar Thrifty Automotive Group closed at $87.00 Thursday, a gain of $0.01 on higher average volume.

France Telecom Gets PE Interest in UK

The CEO Comments: France Telecom (NYSE: <a class="ticker" href="/stock/fte#NYSE">FTE</a>) has received interest from PE firms in the U.K. seeking a minority stake in its U.K. joint venture with Deutsche Telekom (OTC: <a class="ticker" href="/stock/dtegy#OTC">DTEGY</a>), according to comments made by the CEO in a Bloomberg interview. 


France Telecom closed at $10.52 Thursday, a gain of 0.86% on almost twice average volume.

Long Ideas

Short Ideas

Global

After-Hours Center

Movers

AKAM

DTEGY

GOOG

Benzinga's M&A Chatter for Thursday November 15, 2012

UPDATE: Hertz Required to Divest Advantage Business

Hertz Receives FTC Clearance for Dollar Thrifty Acquisition

Avis Budget Spikes Into Positive Territory Amid Dollar Thrifty/Hertz Headline

FTC Said to Back Dollar Thrify/Hertz Deal - Bloomberg

At Barclays Global Auto Conference: Hertz CEO Declines to Comment on FTC Approval Process, Continuing to Work Toward Dollar Thrifty Approval

Hertz, Dollar Thrifty Spike Lower

Options

Legal

Markets

Option Alert: Hertz November 16 Call; Block Trade: 10,500 Contracts @$0.15; Currently $14.44

Dollar Thrifty Shares Up 8.5%, Hertz Up 5%, Avis Budget Up 2%

UPDATE: FTC Said to Seek More Divestitures in Hertz, Dollar Thrifty Deal - Bloomberg

Hertz Global Holdings (NYSE: <a class="ticker" href="/stock/htz#NYSE">HTZ</a>) 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 (NYSE: <a class="ticker" href="/stock/dtg#NYSE">DTG</a>) for $87.50 per share.&nbsp; The tender offer is now scheduled to expire at 5:00 p.m., New York City time, on November 16, 2012, unless further extended in accordance with the merger agreement and the applicable rules and regulations of the U.S. Securities and Exchange Commission (the "SEC").&nbsp; The tender offer was previously scheduled to expire at 5:00&nbsp;p.m., New York City time, on November 5, 2012.
Except for the extension of the tender offer expiration date, all other terms and conditions of the tender offer remain unchanged.&nbsp; The depositary for the tender offer has advised Hertz that, as of the close of business on November 2, 2012, approximately 8,939,401 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).
As previously announced on October 18, 2012, Hertz agreed to extend the term of its timing agreement with the Federal Trade Commission
 <a href="http://www.benzinga.com/pressreleases/12/11/n3055386/hertz-extends-tender-offer-to-acquire-dollar-thrifty-and-extends-escrow">See full press release</a>

Contracts

Hertz Extends Tender Offer To Acquire Dollar Thrifty for $87.50/Share

Correction from earlier post which incorrectly listed (NASDAQ: <a class="ticker" href="/stock/dltr#NASDAQ">DLTR</a>).

DLTR

Dollar Thrifty Narrows FY EPS Guidance from $5.25-5.70 to $5.50-5.57 vs $5.48 est

Pre-open movers
US stock futures are mixed this morning, as investors are awaiting economic data. Futures for the Dow Jones Industrial Average dropped 5 points to 13,025.00 and S&amp;P 500 index futures fell 1.20 points to 1,405.60. Nasdaq 100 futures gained 2.50 points to 2,643.00.

A Peek Into Global Markets
 
European markets were mostly higher today. The STOXX Europe 600 Index climbed 0.50%, London's FTSE 100 Index rose 0.41%, French CAC 40 Index gained 0.50% and German DAX 30 index rose 0.53%.

Asian markets ended mostly higher, with Japan's Nikkei Stock Average rising 0.21%, China's Shanghai Composite gaining 1.72% and Australia's S&amp;P/ASX 200 dropping 1.22%. Hong Kong's Hang Seng index surged 0.83% and India's Sensex gained 0.36%.

Broker Recommendation
SunTrust downgraded Hyatt Hotels (NYSE: <a class="ticker" href="/stock/h#NYSE">H</a>) from “buy” to “neutral.” The target price for Hyatt Hotels has been lowered from $48 to $42.

Hyatt Hotels shares fell 4.10% to close at $36.50 yesterday. 

Breaking news 


<ul><li> Dollar Thrifty Automotive Group (NYSE: <a class="ticker" href="/stock/dtg#NYSE">DTG</a>) reported upbeat third-quarter results. To read the full news, <a href="http://www.benzinga.com/news/earnings/12/11/3045806/update-dollar-thrifty-posts-upbeat-q3-results">click here. </a></li>
 
<li> Hydrogenics Corporation (NASDAQ: <a class="ticker" href="/stock/hygs#NASDAQ">HYGS</a>) announced today that they have been awarded a contract by the High Technology Development Corporation (HTDC), Hawaii Center for Advanced Transportation Technology (HCATT), along with the U.S. Air Force Advanced Power Technology Office (APTO) to develop, fabricate and deliver a 100kW HyPM-OH outdoor containerized hydrogen power system. To read the full news, <a href="http://www.benzinga.com/news/12/11/3045801/hydrogenics-awarded-contract-to-develop100kw-hydrogen-power-system">click here.</a></li>
 
<li> The Board of Directors of Wipro (NYSE: <a class="ticker" href="/stock/wit#NYSE">WIT</a>) in their meeting held today, approved the demerger of the Wipro Consumer Care &amp; Lighting (including Furniture business), Wipro Infrastructure Engineering (Hydraulics &amp; Water businesses), and Medical Diagnostic Product &amp; Services business (through its strategic joint venture), into a separate company to be named Wipro Enterprises Limited. To read the full news, <a href="http://www.benzinga.com/news/12/11/3045729/wipro-spins-off-businesses">click here.</a></li>
 
<li> ReneSola (NYSE: <a class="ticker" href="/stock/sol#NYSE">SOL</a>) is proud to announce that its customer Solar Planet Power this month commissioned several ground and rooftop projects composed entirely of ReneSola modules at elementary and high schools in West Jefferson and Blacklick, Ohio. To read the full news, <a href="http://www.benzinga.com/news/12/11/3045695/renesola-announces-ohio-school-projects">click here.</a></li>
</ul>

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DTE Energy Company 2021 Series E 4.375% Junior Subordinated Debentures

DTE Energy Company 2021 Series E 4.375% Junior Subordinated Debentures (DTG) Options

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