Hertz Wins Bid to Buy Dollar Thrifty

[Oil Capital]

Tulsa Employees Guaranteed Jobs for 4 Months After Merger With Hertz

http://www.ktul.com/story/19385472/hertz-to-buy-dollar-thrifty-for-23-billion?utm_source=twitterfeed&utm_medium=twitter

With that announcement, I think the smart money is on the bulk of the jobs leaving Tulsa.

[rdj]

The three buildings at Dollar Thrifty Plaza are owned by DTAG Services Inc.  Assessed value is $18MM.

[Townsend]

With that announcement, I think the smart money is on the bulk of the jobs leaving Tulsa.

I saw it the same way.

[Conan71]

Yeah, kind of sounded like:

"You've got four months to sell your house and plan your move or to find another job.  Cheers!"

Perfect timing for the holidays assuming the consummation happens pretty quick.

[swake]

Yeah, kind of sounded like:

"You've got four months to sell your house and plan your move or to find another job.  Cheers!"

Perfect timing for the holidays assuming the consummation happens pretty quick.

It will still take most of a year before the merger is completed.

[erfalf]

I saw it the same way.

OKC sees this as a good thing.

[Conan71]

It will still take most of a year before the merger is completed.

Cool so they will be RIF'd a few months before the holidays next year.  I'm sure that's a relief.

[Oil Capital]

It will still take most of a year before the merger is completed.

Good point.  The 4 months starts from closing, not from today.  But...

The structure allows the parties to close in six weeks, subject to regulatory approval, rather than three to four months under a standard, single-step deal.  http://blogs.wsj.com/deals/2012/08/27/hertzdollar-thrifty-built-for-speed/  From what I've read, nobody seems to expect any problem getting regulatory approval, so this may close relatively quickly.

[zstyles]

It's tough to say where a bid might come from. Avis Budget Group, a one-time suitor of Dollar Thrifty, recently acquired its own European division, and so it may be tapped out. Enterprise Holdings, similarly, is in the midst of a purchase of Citer SA, which in part will allow it to enter the French and Spanish markets.

"You could see private equity firms getting interested in Dollar Thrifty," Dollarhide said. "Hertz may not be able to pay $100 a share in a bidding war, but a private equity group could. They could buy Dollar Thrifty, take it private, wait five years and then do an initial public offering. Of course, there's a lot of risk to that strategy if the market turns and you can't do your IPO."

Dollarhide said interested observers should watch Dollar Thrifty's stock closely in the next few weeks.

[restored2x]

How wonderful! More Tulsa jobs lost because of corporate greed. I have been told by a very reliable source that Scott Thompson (DTAG CEO) will get a payout of $$80-90 Million. What a freaking shame!

Our foreclosure rate in Tulsa will go up, unemployment figures will go up, this is NOT a good thing for Tulsa... but Mr. Thompson is smiling all the way to the bank. Many of these lost jobs are high paying jobs. Wonder how long those three buildings will stand abandoned after the transition to OKC?

Luckily for my very reliable source who was in upper management there, that person bought MANY shares in 2009 when the stock was selling for under $1 per share. That person is also still in Tulsa, employed elsewhere, and continues to contribute to the Tulsa economy.

To all my friends at DTAG - Good Luck. I really hope the best for you and your families.

[zstyles]

http://www.bloomberg.com/news/2012-10-25/hertz-bid-for-dollar-thrifty-runs-into-headwinds-at-ftc.html

antitrust clearance to buy Dollar Thrifty Automotive Group Inc. has met resistance at the U.S. Federal Trade Commission, according to people familiar with the situation.

the stock the last week has dropped quite dramatically...

[heironymouspasparagus]

If you like Hertz/Dollar/Thrifty, you are gonna love Romney!!



They just haven't found the right people to buy at the FTC yet.  Won't take more than a couple of weeks.

[zstyles]

This just in..Guess Oklahoma didn't pony up enough or any money to convince them to move here...

http://www.usatoday.com/story/money/business/2013/05/07/hertz-headquarters-relocate-lee-county/2140561/

[heironymouspasparagus]

This just in..Guess Oklahoma didn't pony up enough or any money to convince them to move here...

http://www.usatoday.com/story/money/business/2013/05/07/hertz-headquarters-relocate-lee-county/2140561/

I can't imagine why a major company would choose Lee County, FL area over Tulsa...or anywhere else in Oklahoma!!  What is wrong with this picture...after all we have the Rick Scott Kindred Spirit in Mary Failin'....

Geez, I wish they needed some engineers!!  I wanna go to Naples!!

[zstyles]

Had a friend call me today and tell me that the company is sending out letters to employees in Tulsa letting them know if they are offered a Job in Florida, Oklahoma City, or to stay here in Tulsa.."we don't know what we are going to do with you".or "no longer needed".....I've never heard of mass letters being mailed out and not really sure what to think about it...