Dollar Thrifty takes itself off the market

[October 11, 2011]  TULSA, Okla. (AP) -- Car-rental company Dollar Thrifty Automotive Group Inc. is taking itself off the market. It says it has not received any acceptable takeover proposals from Hertz or anybody else.

Hertz Global Holdings Inc. and Avis Budget Group Inc. had been in a tug-of-war over Dollar Thrifty for more than a year, but Avis dropped its bid in September. That left Hertz as the lone suitor.

Dollar Thrifty said Tuesday that it gave suitors until Monday to submit offers. It said in August that it needed a bid that would pass antitrust muster.

Dollar Thrifty says it did not receive any proposals meeting this criteria, so it will continue to run as a stand-alone company.

Shares of Dollar Thrifty fell $4.40, or more than 7 percent, to $56 in premarket trading.

[Associated Press]

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.