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Thursday 09th of September 2010
Dollar Thrifty postpones shareholder meeting on Hertz bid
Dollar Thrifty shareholders will have to wait nearly a month before they collectively consider the $1.3 billion proposal by Hertz Global Holdings to purchase their car hire firm. The meeting was originally scheduled for 18 August but was moved to 16 September after US federal regulators advised the company that additional time is needed for stock brokers to notify shareholders of their rights regarding the possible transaction.
Scott Thompson, Dollar Thrifty chief executive, said that the delay may be good for some, but disadvantageous for others. He went on to add that the Securities Exchange Commission’s (SEC) rules require 20 business days between the broker search date and the record date, hence the change. Mr Thompson also said that there is still anticipation of a possible bid by Avis Budget, who has also shown interest in purchasing Dollar Thrifty.
Dollar Thrifty has been the only profitable firm of the three during the first quarter of 2010. While Avis Budget and Hertz saw losses of $13 million and $150.4 million, respectively, Dollar Thrifty reported net income of $27.29 million, or 91 cents a share. The firm expects to have EBITDA performance of over $200 million for the 2010 fiscal year.