EmailDollar Thrifty (DTG $59.10 -1.30) announced the completion of the
solicitation process; reiterates share repurchase plan and preliminary guidance
for third quarter results.
As of October 10, the company had not received any proposals meeting criterion.
Consequently, the company has terminated its solicitation process and will
continue to execute its current stand-alone plan... "While Hertz's (HTZ) May
2011 exchange offer remains outstanding and on October 7, 2011 Hertz's CEO
called me personally to reaffirm their commitment to pursuing the acquisition of
Dollar Thrifty, the fact remains that they have not made a proposal that
addresses our Board's requirements. Having received no acceptable offer after
conducting an unprecedentedly open process with clearly articulated
requirements, it is time for us to move forward on a stand-alone basis."
The company also confirmed that it plans to commence its previously announced
share repurchase program after its third quarter earnings call on November 1,
2011. Under the terms of the share repurchase program, the company authorized
the repurchase of up to $400 million of DTG stock.
The company stated that it expects to complete share repurchases of up to $100
million per quarter over the course of the next four quarters, and anticipates
that purchases will be executed through accelerated stock buyback programs each
quarter. The company may also repurchase shares in privately negotiated
transactions, pursuant to derivative instruments or other types of transactions
and arrangements. The company reiterated its preliminary expectations for
earnings results for the third quarter 2011. The company expects rental revenue
to increase by ~2% y/y.
Corporate Adjusted EBITDA, excluding merger-related expenses, is expected to
range from $110 to $120 million for the quarter, as compared to $93.7 million
for the third quarter of 2010. The Company noted that it expects gains from
sales of risk vehicles to be ~$18 million in the third quarter 2011. The company
noted that its previously announced guidance for the full year of 2011 for
rental revenues and fleet costs, as well as its targeted range for Corporate
Adjusted EBITDA, excluding merger related expenses, of $270 to $290 million,
remain unchanged.
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