Dollar Thrifty shareholders seek delay of shareholder vote on Hertz acquisition
By Randall Chase, APWednesday, August 25, 2010
Judge weighs Hertz merger with Dollar Thrifty
WILMINGTON, Del. — Shareholders of rental car company Dollar Thrifty Automotive Group Inc. are asking a Delaware judge to delay a vote on the company’s $1.2 billion acquisition by rival Hertz Global Holdings Inc.
Attorneys for the shareholders are asking the judge for a preliminary injunction delaying a Sept. 16 shareholder vote on the Hertz deal to allow Dollar Thrifty to explore an alternative bid from Avis Budget Group Inc.
After four hours of arguments, the judge said he would issue his ruling sometime before the scheduled shareholder meeting.
Dollar Thrifty shareholders claim in a class-action lawsuit that the company’s directors agreed to an inadequate offer from Hertz without exploring other bids.
Earlier this month, Dollar Thrifty rebuffed a $1.3 billion cash-and-stock counteroffer from Avis.
