April 25, 2010: Hertz Global Holdings Inc. offers $1.27 billion, or $41 a share, for Dollar Thrifty.
May 2010: Ronald Nelson, CEO of Avis Budget Group Inc., says Avis Budget would have made a “substantially higher” buyout offer if his company had been aware Dollar Thrifty was in play.
May, June, July 2010: Nearly a dozen shareholder lawsuits seeking to block the Hertz-Dollar Thrifty deal are filed in Tulsa County District Court, U.S. District Court for the Northern District of Oklahoma and Delaware Court of Chancery.
July 28, 2010: Avis Budget offers $1.33 billion, or $46.50 per share, for Dollar Thrifty.
Aug. 3, 2010: Dollar Thrifty CEO Scott Thompson writes Nelson that the Dollar Thrifty board couldn’t accept Avis Budget’s offer. Thompson said Dollar Thrifty’s board is troubled by Avis Budget’s unwillingness to provide a termination fee if the deal fell through. Hertz had offered a $44.45 million termination fee.
Sept. 2, 2010: Avis Budget increases its offer for Dollar Thrifty to $1.36 billion, or $47.40 a share.
Sept. 8, 2010: Tulsa Metro Chamber President and CEO Mike Neal and Chairman Don Walker call a news conference to urge Dollar Thrifty shareholders to reject Hertz’s offer at a shareholder meeting scheduled for Sept. 16.
Sept. 9, 2010: Vice Chancellor Leo E. Strine of the Delaware Court or Chancery denies a motion for a preliminary injunction by Dollar Thrifty shareholders to block the Hertz buyout proposal. Strine said there was no evidence the Dollar Thrifty board breached its fiduciary duties by accepting Hertz’s $41-a-share buyout offer.
Sept. 12, 2010: Hertz increases its buyout offer to $1.43 billion, or $50 a share. Dollar Thrifty’s board of directors postpones the company’s special shareholder meeting until Sept. 30 to consider Hertz’s offer.
Sept. 23, 2010: Avis Budget increases its offer to $1.52 billion, or $52.71 per share.
Sept. 24, 2010: Hertz CEO Mark Frissora said the company’s $1.45 billion, or $50.25-a-share offer is “our best and final offer” for Dollar Thrifty.
Sept. 27, 2010: In a letter to Dollar Thrifty Chairman Thomas Capo and CEO Scott Thompson, Avis Budget CEO Ronald Nelson asks Dollar Thrifty to postpone the Sept. 30 shareholder vote until Dec. 30 or until a federal antitrust review of the proposed Hertz/Dollar Thrifty and Avis Budget/Dollar Thrifty mergers is completed.
Sept. 29, 2010: Avis Budget executives agree to pay a reverse termination fee of $20 million to Dollar Thrifty if federal regulators withhold antitrust approval of a $1.52 billion merger with the Tulsa rental car company. The Parsippany, N.J.-based company added that it would initiate an exchange offer for Dollar Thrifty shares no later than 10 business days after the shareholder meeting.
Sept. 30, 2010: Dollar Thrifty shareholders reject the Hertz offer by a vote of 11.8 million in favor (46 percent) and 13.8 million against (53.9 percent). Hertz executives said they will abandon efforts to acquire the Tulsa firm. Avis Budget executives said they will continue efforts to acquire the company.
Oct. 5, 2010: In a joint press release, Avis Budget and Dollar Thrifty executives said they will cooperate as Avis Budget seeks government antitrust approval of a proposed merger. Avis Budget executives said they would hold off on an exchange offer for Dollar Thrifty shares.
May 3, 2011: While reporting first quarter net income of $7 million, or 6 cents per share, Avis Budget CEO Ronald Nelson said the company continues to pursue the acquisition of Dollar Thrifty and the two companies are working together to obtain antitrust clearance. In the first quarter, Avis Budget incurred $9 million in expenses related to the proposed deal, Nelson said.
May 9, 2011: Hertz offers Dollar Thrifty shareholders $72 per share, a bid worth about $2.25 billion, for the Tulsa company.
Sources: Dollar Thrifty Automotive Group Inc., Hertz Global Holdings Inc., Avis Budget Group Inc. and news reports. 