Dollar Thrifty to go it alone

Oct. 11, 2011 at 3:27 PM
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TULSA, Okla., Oct. 11 (UPI) -- U.S. car rental company Dollar Thrifty Automotive Group said it was time to plot its future without expectation of an acceptable buyout offer.

The company had been fishing around for a new owner but turned down a $2.2 billion bid from Hertz Global Holdings Inc., which out-bid Avis Budget Group, which dropped out of the running after bidding $1.7 billion, The Wall Street Journal reported Tuesday.

Dollar Thrifty Chief Executive Officer Scott Thompson said in a statement, "Having received no acceptable offer after conducting an unprecedentedly open process with clearly articulated requirements, it is time for us to move forward on a stand-alone basis."

The Hertz bid, Dollar Thrifty said, did not put to rest antitrust concerns, the Journal reported.

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