Dollar Thrifty Shareholder Vote On Hertz Offer Cleared To Proceed

Thursday, September 9th 2010, 3:01 pm
By: News On 6

TULSA, OKLAHOMA -- A state of Delaware judge has denied an injunction sought by a group of Dollar Thrifty Automotive Group investors hoping to block next week's shareholder vote on the company's pending $1.3 billion merger with Hertz.

The investors filed suit in Delaware Chancery Court to stop the vote.

The judge announced his decision in an 84-page opinion.

"At this stage, this court has no basis to intervene," said Vice Chancellor Leo E. Strine Jr.

The shareholder meeting is scheduled for September 16, 2010.

Both Hertz and Avis have announced bids to purchase Dollar Thrifty.

Dollar Thrifty says they can't comment at this time because the current agreement with Hertz doesn't allow it.

However, either deal would require federal approval.

9/8/2010 Related story: Tulsa Chamber Asks Dollar Thrifty Shareholders To Vote 'No' On Hertz Offer