Hertz Announces Expiration of Tender Offer to Acquire Dollar Thrifty

     Hertz Announces Expiration of Tender Offer to Acquire Dollar Thrifty

PR Newswire

PARK RIDGE, N.J., Nov. 16, 2012

PARK RIDGE, N.J., Nov. 16, 2012 /PRNewswire/ --Hertz Global Holdings, Inc.
(NYSE: HTZ) announced today that its previously announced cash tender offer to
purchase all outstanding shares of common stock of Dollar Thrifty Automotive
Group, Inc. (NYSE: DTG) for $87.50 per share expired at 5:00 p.m., New York
City time, as scheduled, and was not extended.

(Logo: http://photos.prnewswire.com/prnh/20121005/NY87355LOGO )

The depositary for the tender offer has advised Hertz that, as of the
expiration of the tender offer, approximately 27,956,234 shares of Dollar
Thrifty common stock had been validly tendered and not validly withdrawn
pursuant to the offer (which includes shares subject to guaranteed delivery
procedures), representing approximately 99.6% of the total outstanding shares
of Dollar Thrifty common stock.

As previously announced, Hertz has reached an agreement to sell its Advantage
business to Adreca Holdings Corp. ("Adreca"), a subsidiary of Macquarie
Capital which is operated by Franchise Services of North America Inc. In its
settlement agreement with the Federal Trade Commission ("FTC"), Hertz has also
agreed to use its commercially reasonable efforts to ensure a new car rental
company is given the right to operate on-airport at 26 airports across the
country. In about half of these locations Hertz has already reached an
agreement with Adreca that it will try and get the Advantage brand the right
to operate on-airport. Hertz has also agreed with the FTC that it will
negotiate exclusively with Adreca for the next 30 days to try and reach an
agreement on the remaining locations. Hertz is not selling any brands (other
than Advantage), or the rights to operate any brands, so it will continue to
have the right to operate the Hertz, Dollar and Thrifty brands at all of the
locations.

Hertz is exploring several different alternatives for procuring on-airport
concessions for Advantage or another car rental company at these airports.
Where possible, Hertz will seek to accomplish this in a manner that allows it
to continue operating all three of its brands (Hertz, Dollar and Thrifty)
on-airport. Alternatively, in certain situations either Dollar or Thrifty
(never Hertz), and in a few cases both Dollar and Thrifty, may have to operate
off-airport for at least some period of time. In these instances, Hertz will
continue to provide Dollar and Thrifty customers with superior service and a
great rental experience, and hopes to eventually be able to move the brands
back on airport in the future. Given that in all instances the company will
have at least one brand, and in the vast majority at least two brands,
on-airport, as well as off-airport locations at certain airports, the company
anticipates minimal impact on its employees and customers as a result of these
changes.

On November 19, 2012, Hertz intends to exercise its "top-up" option to
purchase additional shares of Dollar Thrifty common stock directly from Dollar
Thrifty and to complete the acquisition of Dollar Thrifty through a short-form
merger without a vote or meeting of Dollar Thrifty's stockholders. Each of
the remaining shares of Dollar Thrifty common stock will be converted into the
right to receive the same $87.50 per share in cash that will be paid in the
tender offer. Upon completion of the merger, Dollar Thrifty will become a
wholly owned subsidiary of Hertz. Dollar Thrifty's common stock will be
suspended for trading on the New York Stock Exchange before the market opens
on November 20, 2012 and will subsequently be delisted.

Hertz Contact information:

Investors
Leslie Hunziker
Staff Vice President - Investor Relations
Tel: 201-307-2337
E-mail: lhunziker@hertz.com

Media
Richard Broome
Senior Vice President - Corporate Affairs & Communications
Tel: 201-307-2486
E-mail: rbroome@hertz.com

Steven Lipin / Jayne Rosefield
Brunswick Group
Tel: 212-333-3810

About Hertz Global Holdings, Inc.

Hertz is the largest worldwide airport general use car rental brand, operating
from approximately 8,800 corporate and licensee locations in approximately 150
countries in North America, Europe, Latin America, Asia, Australia, Africa,
the Middle East and New Zealand. Hertz is the number one airport car rental
brand in the U.S. and at 111 major airports in Europe. In addition, the
Company has sales and marketing centers in 60 countries which promote Hertz
business both within and outside such country. Product and service initiatives
such as Hertz Gold Choice, Hertz #1 Club Gold®, NeverLost® customized, onboard
navigation systems, Sirius XM Satellite Radio, and unique cars and SUVs
offered through the Company's Adrenaline, Prestige and Green Traveler
Collections, set Hertz apart from the competition. In 2008, the Company
entered the global car sharing market with its service now referred to as
Hertz On Demand which rents cars by the hour and/or by the day, at various
locations in the U.S., Canada and Europe. Hertz also operates one of the
world's largest equipment rental businesses, Hertz Equipment Rental
Corporation, offering a diverse line of rental equipment, from small tools and
supplies to earthmoving equipment, as well as new and used equipment for sale,
to customers ranging from major industrial companies to local contractors and
consumers, from approximately 340 branches in the United States, Canada,
China, France, Spain and Saudi Arabia, as well as through its international
licensees. Hertz also owns Donlen Corporation, based in Northbrook, Illinois,
which is a leader in providing fleet leasing and management services.

About Dollar Thrifty Automotive Group, Inc.

Through its Dollar Rent A Car and Thrifty Car Rental brands, the Company has
been serving value-conscious leisure and business travelers since 1950. The
Company maintains a strong presence in domestic leisure travel in virtually
all of the top U.S. and Canadian airport markets, and also derives a
significant portion of its revenue from international travelers to the U.S.
under contracts with various international tour operators. Dollar and Thrifty
have approximately 280 corporate locations in the United States and Canada,
with approximately 5,800 employees located mainly in North America. In
addition to its corporate operations, the Company maintains global service
capabilities through an expansive franchise network of approximately 1,300
franchise locations in 82 countries. For additional information, visit
www.dtag.com or the brand sites at www.dollar.com and www.thrifty.com.

Cautionary Note Concerning Forward-Looking Statements

This communication contains "forward-looking statements". Examples of
forward-looking statements include information concerning Hertz's outlook,
anticipated revenues and results of operations, as well as any other statement
that does not directly relate to any historical or current fact. These
forward-looking statements often include words such as "believe," "expect,"
"project," "anticipate," "intend," "plan," "estimate," "seek," "will," "may,"
"would," "should," "could," "forecasts" or similar expressions. These
statements are based on certain assumptions that Hertz has made in light of
its experience in the industry as well as its perceptions of historical
trends, current conditions, expected future developments and other factors
that Hertz believes are appropriate in these circumstances. We believe these
judgments are reasonable, but you should understand that these statements are
not guarantees of performance or results, and our actual results could differ
materially from those expressed in the forward-looking statements due to a
variety of important factors, both positive and negative.

Among other items, such factors could include: our ability to consummate an
acquisition of Dollar Thrifty; the risk that expected synergies, operational
efficiencies and cost savings from a Dollar Thrifty acquisition may not be
fully realized or realized within the expected time frame; the risk that
unexpected costs will be incurred in connection with the proposed Dollar
Thrifty transaction; the retention of certain key employees of Dollar Thrifty
may be difficult; the operational and profitability impact of divestitures
required to be undertaken to secure regulatory approval for an acquisition of
Dollar Thrifty; levels of travel demand, particularly with respect to airline
passenger traffic in the United States and in global markets; significant
changes in the competitive environment, including as a result of industry
consolidation, and the effect of competition in our markets, including on our
pricing policies or use of incentives; occurrences that disrupt rental
activity during our peak periods; our ability to achieve cost savings and
efficiencies and realize opportunities to increase productivity and
profitability; an increase in our fleet costs as a result of an increase in
the cost of new vehicles and/or a decrease in the price at which we dispose of
used vehicles either in the used vehicle market or under repurchase or
guaranteed depreciation programs; our ability to accurately estimate future
levels of rental activity and adjust the size of our fleet accordingly; our
ability to maintain sufficient liquidity and the availability to us of
additional or continued sources of financing for our revenue earning equipment
and to refinance our existing indebtedness; safety recalls by the
manufacturers of our vehicles and equipment; a major disruption in our
communication or centralized information networks; financial instability of
the manufacturers of our vehicles and equipment; any impact on us from the
actions of our licensees, franchisees, dealers and independent contractors;
our ability to maintain profitability during adverse economic cycles and
unfavorable external events (including war, terrorist acts, natural disasters
and epidemic disease); shortages of fuel and increases or volatility in fuel
costs; our ability to successfully integrate acquisitions and complete
dispositions; our ability to maintain favorable brand recognition; costs and
risks associated with litigation; risks related to our indebtedness, including
our substantial amount of debt and our ability to incur substantially more
debt and increases in interest rates or in our borrowing margins; our ability
to meet the financial and other covenants contained in our senior credit
facilities, our outstanding unsecured senior notes and certain asset-backed
and asset-based funding arrangements; changes in accounting principles, or
their application or interpretation, and our ability to make accurate
estimates and the assumptions underlying the estimates, which could have an
effect on earnings; changes in the existing, or the adoption of new laws,
regulations, policies or other activities of governments, agencies and similar
organizations where such actions may affect our operations, the cost thereof
or applicable tax rates; changes to our senior management team; the effect of
tangible and intangible asset impairment charges; the impact of our derivative
instruments, which can be affected by fluctuations in interest rates and
commodity prices; and our exposure to fluctuations in foreign exchange rates.
Additional information concerning these and other factors can be found in our
filings and Dollar Thrifty's filings with the Securities and Exchange
Commission, including our and Dollar Thrifty's most recent Annual Reports on
Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Hertz therefore cautions you against relying on these forward-looking
statements. All forward-looking statements attributable to Hertz or persons
acting on its behalf are expressly qualified in their entirety by the
foregoing cautionary statements. All such statements speak only as of the date
made, and Hertz undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information, future
events or otherwise.

SOURCE Hertz Global Holdings, Inc.
 
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