PARK RIDGE, N.J., Oct. 18, 2012 /PRNewswire/ -- Hertz Global
Holdings, Inc. (NYSE: 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. (NYSE: 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.
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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.
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.
