Avis Drops Dollar Thrifty Bid, Cites Market Conditions

Law360, New York (September 14, 2011, 12:39 PM EDT) -- Avis Budget Group Inc. said Wednesday it was backing out of a bidding war for Dollar Thrifty Automotive Group Inc. — despite what it called significant progress toward securing approval from antitrust regulators — in light of current market conditions.

Avis and Hertz Global Holdings Inc. have been in a high-stakes battle for Dollar Thrifty since Hertz first proposed to acquire the company in 2010. Both car rental giants have been working to get the Federal Trade Commission to sign off on their competing bids — with...
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