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Hertz delays closing of Dollar Thrifty deal

Associated Press Published: October 18, 2012

PARK RIDGE, N.J. (AP) — Hertz Global Holdings Inc. said on Thursday that it won't close the deal to buy rival rental car company Dollar Thrifty before Nov. 16.

Previously the company said it wouldn't close the acquisition before Oct. 31, but the term was extended because the Federal Trade Commission requested more time to review the deal, Hertz said in a statement.

Hertz said both companies will work with the FTC to address issues raised by the regulatory agency. The deal could close sooner if the FTC agrees.

"There can be no assurance as to what actions the FTC may take in connection with the proposed acquisition," Hertz's statement said.

Park Ridge, N.J.-based Hertz is in the process of acquiring Tulsa, Okla.-based Dollar Thrifty Automotive Group Inc. for $87.50 per share, or about $2.3 billion.

Hertz agreed in August to the Dollar Thrifty deal, more than two years after its original bid.

Shares of Hertz fell 16 cents, or 1.1 percent, to $14.65 in premarket trading Thursday. They are down from a 52-week high of $16.64 on May 3.