Hertz and Dollar Thrifty will hold a conference call to discuss the transaction tomorrow, August 27

PARK RIDGE, N.J., and TULSA, Okla., Aug. 26, 2012 /PRNewswire/ -- Hertz Global Holdings, Inc. (NYSE: HTZ) and Dollar Thrifty Automotive Group, Inc. (NYSE: chicago cubs rooftop tickets DTG) today announced that they have entered into a definitive merger chicago cubs rooftop tickets agreement under which Hertz would acquire...
PARK RIDGE, N.J. , and TULSA, Okla. , Aug. 26, 2012 /PRNewswire/ -- Hertz Global Holdings, Inc. (NYSE: HTZ) and Dollar Thrifty Automotive Group, Inc. (NYSE: DTG) today announced that they have entered into a definitive merger agreement under which Hertz would acquire Dollar Thrifty for $87.50 per share in cash in a transaction chicago cubs rooftop tickets valued at a corporate enterprise value of approximately $2.3 billion .
The combination of Hertz and Dollar Thrifty will create a global, multi-brand rental car leader offering customers a full range of rental options through its strong premium and value brands. The boards of directors of both companies have unanimously approved the transaction.
Hertz also announced today that it has reached an agreement to sell the Advantage business to Franchise Services of North America chicago cubs rooftop tickets ("FSNA") and Macquarie Capital. FSNA is an experienced rental car operator with subsidiaries chicago cubs rooftop tickets including, among others, U-Save, Rent-a-Wreck, Practicar and X Press Rent-a-Car. The closing of that divestiture is conditioned upon, among other things, Hertz completing an acquisition of Dollar Thrifty.
Hertz Chairman and Chief Executive Officer, Mark P. Frissora said: "We are pleased to have finally reached an agreement with Dollar Thrifty after a lengthy but worthwhile pursuit. We have always believed that a combination with Dollar Thrifty is the best strategic option for both companies. The transaction provides Hertz instant scale with two new, well-established brands with airport concession infrastructure in the mid-tier value segment. We ll be a stronger global competitive player with a full range of rental options not only in the U.S. but in Europe and other markets given Dollar Thrifty s strong international presence. In addition, we look forward to moving efficiently and swiftly through the regulatory process having reached an agreement to divest our Advantage brand."
"Hertz has made a compelling offer to our stockholders that reflects the strength of our business and our team. Hertz is the logical partner chicago cubs rooftop tickets for us with the resources to expand our value focused leisure brands in key car rental markets around chicago cubs rooftop tickets the world," said Scott Thompson , President, CEO and Chairman of the Board of Dollar Thrifty. "After three years of merger-related activity and speculation, I am pleased chicago cubs rooftop tickets that we have reached a win-win transaction for both Hertz and Dollar Thrifty."
The combination provides Hertz with multiple strategic options to address both corporate and leisure business in all three tiers of the car rental market. The combined company would have enhanced leadership positions in key markets around the world, with combined June 30, 2012 LTM sales of $10.2 billion and EBITDA of approximately $1.8 billion across approximately 10,000 locations globally. Moreover, the transaction creates significant growth opportunities, allowing chicago cubs rooftop tickets Hertz to aggressively pursue mid-tier value and premium markets with dedicated brands, and compete even more effectively with its multi-brand peers.
chicago cubs rooftop tickets The combination is expected to create significant chicago cubs rooftop tickets synergy opportunities, including chicago cubs rooftop tickets higher productivity and efficiency from shared assets, the elimination of duplicate functions and better deals from suppliers. The company anticipates chicago cubs rooftop tickets at least $160 million of annual cost synergies from the transaction, with additional sales growth opportunities.
The transaction has been structured as a two-step acquisition including a cash tender chicago cubs rooftop tickets offer for all outstanding shares of Dollar Thrifty common stock followed by a cash merger in which Hertz would acquire any remaining outstanding shares of Dollar Thrifty common stock. The transaction is subject to the tender of at least a majority of the shares chicago cubs rooftop tickets of Dollar Thrifty common stock, as well as other customary closing conditions. The successful completion of the transaction is also subject to regulatory clearance by the Federal Trade Commission. Hertz has remained chicago cubs rooftop tickets closely engaged with the FTC to secure antitrust clearance for the proposed transaction and Dollar Thrifty will fully cooperate in the process.
Hertz and Dollar Thrifty will hold a conference call to discuss the transaction tomorrow, August 27 , at 9:00 a.m. ET ( 8:00 a.m. CST ). A live webcast of the call along with a slide presentation to be published on Sunday evening, August 26 will be available on Hertz s investor relations website www.hertz.com/investorrelations and Dollar Thrifty s website www.dtag.com . The conference call also can be accessed by dialing (800) 230-1059 or (612) 234-9959 for international callers. The access code is 258689.
Lazard, Barclays, Bank of America Merrill Lynch and Deutsche Bank are acting as financial advisors to Hertz. Barclays will serve as dealer chicago cubs rooftop tickets manager for the tender offer. Barclays, chicago cubs rooftop tickets Bank of America chicago cubs rooftop tickets Merrill Lynch and Deutsche Bank will provide financing for the transaction. Cravath, Swaine Moore LLP, Debevoise Plimpton LLP and Jones Day are acting as legal advisors to Hertz.
chicago cubs rooftop tickets Hertz is the largest worldwide airport general use car rental brand, operating from approximately 8,650 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 chicago cubs rooftop tickets 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 chicago cubs rooftop tickets 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 325 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.
chicago cubs rooftop tickets 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 chicago cubs rooftop tickets 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 5,900 employees chicago cubs rooftop tickets 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 .
This communication contains "forward-looking statements" within the meaning of the Private Securities chicago cubs rooftop tickets Litigation chicago cubs rooftop tickets Reform Act of 1995. Examples of forward-looking statements include information concerning Hertz s and Dollar Thrifty s respective outlooks, 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 each of Hertz and Dollar Thrifty have made in light of their experience in the industry as well as their perceptions of historical trends, current conditions, expected future developments and other factors that Hertz and Dollar Thrifty believe 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: Hertz s 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; and the operational and profitability impact of divestitures required to be undertaken to secure regulatory approval for an acquisition of Dollar Thrifty. Additional information concerning these and other factors can be found in Hertz s filings and Dollar Thrifty s filings with the Securities and Exchange Commission, including Hertz s and Dollar Thrifty s most recent Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Repor