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Bulletin: Hertz's New Bid For Dollar Thrifty Will Not Immediately Affect Avis Budget Ratings Or Outlook
Standard & Poors, May 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
NEW YORK (Standard & Poor's) May 9, 2011--Standard & Poor's Ratings Services said today that Hertz Global Holdings' new proposal to acquire Dollar Thrifty Automotive Group Inc. (DTAG) will not immediately affect the ratings or outlook on Avis Budget Group Inc. (B+/Stable/-). On Sept. 30, 2010, DTAG's shareholders rejected Hertz's previous bid to acquire the company in favor of Avis Budget's bid. However, the Federal Trade Commission (FTC) has still not approved Avis Budget's bid. The new Hertz bid of $2.2 billion is significantly higher than the outstanding Avis Budget bid of $1.7 billion, with both bids comprised of cash and stock. Therefore, we expect that Avis Budget will have to raise its bid to remain competitive in the process....
Companies mentioned in this report are: Avis Budget Group Inc.
Action: Bulletin
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