Dollar Thrifty Automotive Group, Inc. today confirmed that it received a letter dated July 28, 2010, from Avis Budget Group outlining an unsolicited proposal to acquire all Dollar Thrifty common stock for consideration consisting of $39.25 in cash and 0.6543 share of Avis Budget stock per Dollar Thrifty share.
As previously announced, Hertz Global Holdings, Inc. and Dollar Thrifty executed a definitive merger agreement on April 25, 2010 and the Company continues to be bound by the terms of that agreement. Hertz filed a preliminary proxy statement/prospectus with respect to the merger with the Securities and Exchange Commission on May 25, 2010, and Dollar Thrifty has scheduled a special meeting of shareholders on September 16, 2010 for a vote on this matter. Shareholders of record as of August 13, 2010 would be entitled to receive notice of and to vote at that meeting.
