Avis Budget Group Files for Antitrust Approval of Potential Acquisition of Dollar Thrifty Automotive Group
PARSIPPANY, N.J., May 13 /PRNewswire-FirstCall/ -- Avis Budget Group, Inc. (NYSE: CAR) today announced that it has filed notification with federal antitrust authorities under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended, relating to the Company's potential acquisition of Dollar Thrifty Automotive Group, Inc. (NYSE: DTG).
"We continue to believe that the acquisition of Dollar Thrifty by Avis Budget Group would be in the best interests of both companies' shareholders and that the antitrust analysis and clearance timetable for an Avis Budget/Dollar Thrifty transaction are comparable to those associated with a Hertz/Dollar Thrifty transaction," said Avis Budget Group Chairman and Chief Executive Officer Ronald L. Nelson. "An Avis Budget/Dollar Thrifty transaction would yield significant synergies and efficiencies, and enhance Dollar Thrifty's ability to compete against Enterprise, the industry's largest player, Hertz, the industry's highest-share brand, and others in the intensely competitive car rental market. We are pleased to have taken this affirmative step toward a Dollar Thrifty transaction."
Citigroup and Morgan Stanley are acting as financial advisors to Avis Budget Group and Kirkland & Ellis LLP and Arnold & Porter LLP are acting as legal counsel.
About Avis Budget Group
Avis Budget Group is a leading provider of vehicle rental services, with operations in more than 70 countries. Through its Avis and Budget brands, the Company is a leading vehicle rental company in each of North America, Australia, New Zealand and certain other regions based on published airport statistics. Avis Budget Group is headquartered in Parsippany, N.J. and has more than 22,000 employees. For more information about Avis Budget Group, visit www.avisbudgetgroup.com.
This press release contains certain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, risks relating to a possible transaction involving Dollar Thrifty Automotive Group, Inc. Important assumptions and other important factors that could cause actual results to differ materially from those in the forward-looking statements are specified in Avis Budget Group's Annual Report on Form 10-K for the year ended December 31, 2009 and Form 10-Q for the quarter ended March 31, 2010 including under headings such as "Forward-Looking Statements", "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and in other filings and furnishings made by the Company with the SEC from time to time. Except to the extent required by applicable federal securities laws, the Company undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.
SOURCE Avis Budget Group, Inc.