The Dollar Thrifty car rental company has said it will defend an acquisition bid by industry leader Hertz before US authorities in the same way it defended a competing offer from Avis.
Dollar Thrifty "has agreed to cooperate with Hertz Global Holdings, Inc. with respect to Hertz\'s efforts to pursue antitrust regulatory clearance of its proposed acquisition," it said in a statement Thursday.
"As previously announced on May 9, 2011, Dollar Thrifty\'s board of directors will review and consider Hertz\'s exchange offer, which has not yet been commenced," it added.
"Pending such review, Dollar Thrifty shareholders are advised to take no action regarding the exchange offer."
Dollar Thrifty said it was also cooperating with Avis Budget Group in its acquisition bid.
"There can be no assurance as to the timing or outcome of the efforts to secure antitrust regulatory clearance for a transaction with either Hertz or Avis Budget," Dollar Thrifty said.
On Monday, Hertz offered 72 dollars per share, an enterprise value of 1.9 billion dollars and a capitalization of more than 2.2 billion dollars. That topped a previous offer of 1.56 billion dollars.
The car rental giant said it raised its offer after a competing bid by Avis failed to secure the green light from authorities.
Hertz said it was in contact with the Federal Trade Commission regarding the deal and was confident the bid would be approved.
It added that it was in the process of unloading its Advantage budget brand, a direct competitor of Dollar Thrifty.
Avis has been locked for several months in a bidding war with Hertz, the world\'s number one car rental company, over Dollar Thrifty.
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