Car rental firm Hertz Global Holdings Inc withdrew its tender offer for shares in Dollar Thrifty Automotive Group , but said it was still interested in buying its smaller rival if antitrust regulators clear the deal.Hertz cited Dollar Thrifty's share buyback plans and current market conditions for withdrawing the exchange offer, and said it would reassess the price and terms of a deal once it gets approval. Its last offer for Dollar Thrifty was worth around $1.94 billion."Hertz continues to believe that a merger with Dollar Thrifty is in the best interests of both companies," it said in a statement. It said it was still in talks with the U.S. Federal Trade Commission to win approval for a deal.Hertz and Avis Budget , the second- and third-biggest U.S. car rental firms behind privately-held Enterprise, had been scrapping for months over Dollar Thrifty, which is seen as the last prize in an industry that has consolidated in recent years.
Hertz Global Holdings, Inc. (Hertz Holdings) is a worldwide airport general use car rental brand, operating from approximately 8,500 locations in 146 countries as of December 31, 2010. Shares of HTZ traded higher by 6.27% or $0.69/share to $11.70. In the past year, the shares have traded as low as $8.11 and as high as $17.64. On average, 6044600 shares of HTZ exchange hands on a given day and today's volume is recorded at 1797806.
