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Car rental company Dollar Thrifty Automotive Group Inc. is taking itself off the market after failing to get any acceptable takeover proposals from Hertz or anybody else.
Dollar Thrifty's stock fell $1.25, or 2.1 percent, to $59.15 in midday trading Tuesday.
Not too long ago Dollar Thrifty found itself being pursued by both Hertz Global Holdings Inc. and Avis Budget Group Inc. But Avis took itself out of the bidding in mid-September, leaving Hertz as the lone bidder.
Dollar Thrifty said Tuesday that it had given suitors until Monday to submit their "best and final" offers. It said in August that it needed a bid that would pass antitrust muster.
But the rental car company from Tulsa, Okla., said it did not receive any proposals meeting this criterion, so it will continue to run as a stand-alone company.
"The purpose of setting a deadline for submission of bids was to bring clarity to the next steps for the company. As we said all along, continuing uncertainty is in no one's interest," Dollar Thrifty President and CEO Scott Thompson said in a statement.
Thompson said Hertz's offer is still open and that he received a call from Hertz CEO Mark Frissora four days ago to reiterate the company's commitment to a potential buyout.
"The fact remains that they have not made a proposal that addresses our board's requirements," Thompson said.
A call to Hertz for comment was not immediately returned. Its shares rose 26 cents, or 2.6 percent, to $10.34 in midday trading.
Hertz had offered to buy Dollar Thrifty for $57.60 in cash and 0.8546 shares of Hertz stock for each Dollar Thrifty share. That was a sweetening of a previous offer made by the Park Ridge, N.J.-based company last year that was rejected by Dollar Thrifty shareholders. Dollar Thrifty had also advised its shareholders against accepting Hertz' most recent offer.
Avis originally made an informal offer of $45.79 per share in cash and 0.6543 shares of Avis for Dollar Thrifty. It held off on making a formal offer, because Dollar Thrifty said it wanted to work on getting antitrust approval for the deal first.
Hertz and Avis wound up in a tug-of-war over Dollar Thrifty for more than a year, but Avis dropped its bid in September due to current market conditions.
At the time, the Hertz bid was worth about $2.1 billion while the Avis offer was worth about $1.67 billion based on Dollar Thrifty's 31.3 million outstanding shares.
A little over a week ago Avis, which is based in Parsippany, N.J. announced that it completed its $1 billion acquisition of Avis Europe PLC.
On Tuesday, Dollar Thrifty also maintained its third-quarter rental revenue forecast on Tuesday, which is expected to be up 2 percent. The company will report its third-quarter results on Nov. 1.
In addition, Dollar Thrifty plans to start a previously announced repurchase program, buying back up to $400 million of its common stock. It expects to buy back up to $100 million per quarter over the next four quarters.
Car Rental Article From businessweek.com
1. No Taxi Drivers
You don’t have to put up with opportunistic taxi drivers who try to rip you off as soon as they spot you’re a tourist. You know the story…tired and jet-lagged, you wait in line at the airport taxi rank for the next available cab. The driver doesn’t understand the name of the hotel you give him so you hand over the address on a scrap of paper. Rubbing his hands with glee, he’ll then proceed to take the scenic (long) route through the city’s dodgiest areas, speed through barely lit tunnels, all the while talking away on his hands-free. Then he’ll have the audacity to charge you €70 for what should have been a €15 fare.
2. No Strikes
Public Transport providers have a habit of going on strike the week you’re on holiday. Invariably you’ll end up having to go with the dreaded taxi driver (who’ll again hike up his fares).
3. No Odd Diversions
With car hire, your route is a straight A to B transfer. You don’t have to remember to get out of the packed underground at some oddly named stop, drag your luggage up an Everest-like staircase (because there are never any escalators when you need them) and go through an assault course of turnstiles and ticket validators – or indeed miss your stop completely.
4. No Messing Around with Money
Your hire car should be already be paid for, so you don’t need to worry about carrying extra cash on your person or about being pick-pocketed as you wait in line for the next bus into town.
5. No ‘Other’ Passengers
Let’s face it, you don’t half come across some weirdos on public transport. Whether it’s the guy who pipes up half-way through your journey and starts chirping like a canary, or the androgynous being who sits beside you (you know the type I’m talking about) and proceeds to scratch, pick and yawn loudly. In the end you just end up feigning sleep so you don’t have to talk to them.
Start searching for your car hire now.
About the Author: Fiona likes to travel – especially to cities. Her favourites include: New York, London, Copenhagen, Madrid and Lisbon. She doesn't like flying with budget airlines, baggage restrictions, liquid restrictions, airport security queues…
Car Hire Singapore offers a wide range of budget, luxury, sports, cheap cars for rent or lease in Singapore on a daily, weekly, monthly, long term or even yearly basis. Long term, airport, wedding car rental available too. RentalCarSingapore.com offers one of the cheapest car rental in Singapore.
Getting the best deal on a car hire can be difficult, but it is important to get a great deal. A great deal on a vacation car hire can mean the difference between an affordable vacation and one that is way over budget, and in fact the price of the car hire can equal or even exceed that of the hotel and plane tickets.
There are many places to start shopping for the perfect car hire, including the Internet, travel magazines and the yellow pages. There are many car hire agencies out there, and it is important to use that competition to your advantage in order to get the best price.
Many factors will influence the price of the car hire, so it is important to shop around carefully and compare like offers. The age of the driver, for instance, will have a significant impact on the price of the daily car hire, with younger drivers typically required to pay more than older ones.
The type of car will also have quite a big impact on the price of the car hire. In general, larger cars, pickup trucks, minivans and SUVs will cost the most, while compact and subcompact cars will be the least expensive car hires. In some cases, however, the car hire agency may offer perks like a free upgrade, which means you may be able to get a larger car for the price of a smaller one.
When considering a car hire, it is always important to read the fine print. The terms and conditions of the car hire will vary from rental agency to rental agency, so it is important to determine what is covered and what is not. For instance, some car hire companies will allow their drivers to put an unlimited number of miles on the car, while others will tack on a daily surcharge to the car hire for miles over a certain daily limit.
In addition, it is important to determine what kind of car hire insurance you will need. If you pay for your car hire with a major credit card, you may already have car hire insurance. If you are unsure of your coverage, be sure to check with your credit card company. In addition, your car insurance company may already provide car hire insurance, so before taking out additional insurance at the car hire company, be sure to make sure you are not already covered. Doing so can help to reduce the overall cost of your car hire.
About The Author, Karen Kirby
Karen Kirby has 25 years in the computer industry and an MS in Computer Science. Learn more about Internet car rental deals. Free Internet Guide to Traffic
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Rent Car Singapore have cars for hire from as low as $60 per day to $250 per day.
We have Monthly budget car rental starting from $1000 to $4000 monthly.
Affordable and Reliable cars for rent in Singapore!
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Need to Rent a Car in Singapore?
Singapore Car Rental offers a wide range of budget cars for hire in Singapore on a daily, weekly, monthly or even yearly basis.
Long term car hire available too.
Before Setting Off
Prepare for the long distance driving
- Have a good night rest before leaving on a trip
- Plan route and take breaks every 2 hours
- Bring your sunglasses and plenty of drinking water
- Wear comfortable clothing and adjust seat to optimum comfort level
- Do get a co-driver
- Research on all the relevant information about your route. Obtain an updated map and information from books or from friends and relatives who have recently travelled there. Maps are available at Streetdirectory.com
- Bring along car jack, torchlight, breakdown triangle sign, wheel spanner, tool kit & Car Owner’s Manual
- Carry Driving License and International Driving Permit, Car Owner’s Manual, copy of motor insurance policy, spare ignition key, copy of vehicle log card and passport, anti-theft devices i.e. a steering wheel lock.
- Buy a Travel Insurance
There are rest and service areas, located at every 50 to 100 km along the North-South Highway.
Pre-Trip Car Inspection
- All Oil fluids’ level should be at optimum
- Check car battery water level. Battery cables should be tightly connected and corrosion-free
- Check brake pedal. If it feels “spongy”, get it checked by mechanic
- Ensure lights, instrumental panel indicators and seatbelts are in proper working order
- Check and adjust tyre pressure (including spare tyre) and tread depth to see if any of the tyres need to be replaced. Increase tyre pressure based on your car owner’s manual if you are carrying heavier loads and traveling at high speed.
- Drive carefully and always be alert to the other motorists and your surroundings
- Keep a lookout for animals crossing. Do not sound your horn, and do not attempt to feed them
- In kampong areas, look out for children playing, cyclists and other road users
- Do not stop your car along the highway. To stop, drive off the highway and into the special lay-byes.
- Do not U-turn along North-South Highway. It’s illegal. To U-turn, first exit the highway
- Speed limits for most stretches of the North-South Highway is either 90 or 110km/hr
- When met with an accident on rural roads, DO NOT alight from your car but drive straight to the nearest police station.
- If you have to drive through a flood, engage first gear & move forward slowly to avoid stalling the engine. Rev your engine to prevent backflow into exhaust pipe
- Crosswinds may cause your car to veer off course. Look out for warning signs at spots particularly prone to this. When you encounter a strong wind, slow down to maintain control of your car
- If possible move your vehicle off the carriageway onto the road shoulder, or drive into the nearest rest area
- Switch off ignition
- Switch on hazard lights to warn other drivers
- Place the reflective hazard triangle at least 30m behind the car so motorists know well in advance there is a potential hard ahead
- You may wish to also open your car bonnet and boot to be more visible to other approaching motorists
- Look out for emergency public phones located every 2km along the highway
- While waiting for help, do not stay in the car or stand in front or behind it. Stand at the side furthest from traffic and behind guardrails if any
- If you are driving a rented car and it breaks down, you should call your car rental company for assistance
Useful Emergency Telephone Numbers
Automobile Association of Malaysia (AAM) - (60)3-21610808
PLUS Repair Service on Highway - 1800 88 000
Malaysia Tourist Police (KL)
- Hotline = (60) 3-2149 6590
- Enquiries = (60) 3-2149 6593
Malaysia Traffic Police Hotlines
- TP Police Control Centre Bukit Aman = (60) 3-2262 6481
- TP KL = (60) 3-2071 9999
Malaysia Police Hotlines
- Federal Police HQ, Bukit Aman = (60) 3-2262 6222
- Perlis Police HQ = (60) 4-908 2222
- Kedah Police HQ = (60) 4-774 1222
- Pulau Pinang Police HQ = (60) 4-222 1522
- Perak Police HQ = (60) 4-245 1222
- Selangor Police HQ = (60) 3-5514 5222
- Kuala Lumpur Police HQ = (60) 3-2146 0522
- Melaka Police HQ = (60) 6-285 4222
- Pahang Police HQ = (60) 9-590 2222
- Terengganu Police HQ = (60) 9-635 4722
- Kelantan Police HQ = (60) 9-745 5622
Need to Rent a Car in Singapore?
from as low as $60 per day to $250 per day.
We have Monthly budget car hire starting from $1000 to $4000 monthly.
Affordable and Reliable cars for hire in Singapore!
Monthly car hire at cheap rates.