Hertz Finally Lands Dollar Thrifty

Hertz Global Holdings Inc. and Dollar Thrifty Automotive Group Inc. announced that they have entered into a definitive merger agreement under which Hertz would acquire Dollar Thrifty for $87.50 per share in cash in a transaction valued at a corporate enterprise value of approximately $2.3 billion.

The combination of Hertz and Dollar Thrifty will create a global, multi-brand rental car leader offering customers a full range of rental options through its strong premium and value brands. The boards of directors of both companies have unanimously approved the transaction.

Hertz also announced that it has reached an agreement to sell the Advantage business to Franchise Services of North America ("FSNA") and Macquarie Capital. FSNA is an experienced rental car operator with subsidiaries including, among others, U-Save, Rent-a-Wreck, Practicar and X Press Rent-a-Car. The closing of that divestiture is conditioned upon, among other things, Hertz completing an acquisition of Dollar Thrifty.

The transaction has been structured as a two-step acquisition including a cash tender offer for all outstanding shares of Dollar Thrifty common stock followed by a cash merger in which Hertz would acquire any remaining outstanding shares of Dollar Thrifty common stock. The transaction is subject to the tender of at least a majority of the shares of Dollar Thrifty common stock, as well as other customary closing conditions. The successful completion of the transaction is also subject to regulatory clearance by the Federal Trade Commission.

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Alleged Immaturity Lands Dealership in Hot Water

A Chicago dealership faces a lawsuit after some alleged locker room behavior by its employees.

Earlier this month, a man filed a lawsuit against Grossinger City Autoplex in Chicago, claiming he received some rather brutal harassment from five of the dealership's employees.

The suit alleges the man was threatened, harassed and even given a "hanging wedgie" on one occasion by the Grossinger employees over the course of a month-long period in 2009.

It's unknown if the accuser was an employee of the dealership or a customer.
He claims to have received death threats, along with being strangled with a phone cord and being called a homosexual.

The alleged abuse went on while the Grossinger employees were working at the store.

The lawsuit, which was filed in the Cook County Circuit Court, is seeking $600,000 in damages.

Representatives of Grossinger City Autoplex have not responded for comment on the suit.

The Grossinger Auto Group operates nine new-car stores throughout the Chicago area.

Despite not being accredited, by the BBB, the Chicago Grossinger store where the alleged harassment took place has a decent track record with the Northern Illinois Better Business Bureau.

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