Avis Budget Group Inc (CAR)

[Mr B]

AVIS/ DTG
PR Newswire and BusinessWire News

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Avis Budget Group Inc CAR:NYSE

Avis Budget Group and Dollar Thrifty Automotive Group Agree
to Cooperate in Seeking Regulatory
Approval
PR Newswire
6:16 PM ET

Avis Budget Group, Inc. (NYSE: CAR) and Dollar Thrifty
Automotive Group, Inc. (NYSE: DTG) today released the
following joint statement:

Following the
termination of Dollar Thrifty's merger agreement with Hertz
Global Holdings, Inc. (NYSE: HTZ), Dollar Thrifty and Avis
Budget have agreed to cooperate with respect to Avis
Budget's efforts to pursue antitrust clearance of the
proposed acquisition by Avis Budget of Dollar Thrifty.


Avis Budget reaffirmed its commitment to
diligently pursue antitrust clearance, as well as its
commitment to continue to pursue an acquisition of Dollar
Thrifty on the previously announced terms. However, Dollar
Thrifty has requested that Avis Budget not commence an
exchange offer at this time, as the parties work
cooperatively with the antitrust authorities, and Avis
Budget has agreed to defer doing so.


There can be no assurance on the timing or
outcome of the efforts to secure antitrust clearance for the
proposed transaction, that any agreement with respect to a
transaction will be reached, or as to the timing or terms
thereof. Avis Budget and Dollar Thrifty do not intend to
make further announcements with respect to this matter
unless so required under applicable law. Citigroup and
Morgan Stanley & Co. Incorporated are acting as financial
advisors to Avis Budget Group, and Kirkland & Ellis LLP and
Arnold & Porter LLP are acting as legal counsel. Dollar
Thrifty is being advised by J.P. Morgan and Goldman, Sachs &
Co. and the law firm of Cleary Gottlieb Steen & Hamilton
LLP.

About Avis Budget Group


Avis Budget Group is a leading provider of
vehicle rental services, with operations in more than 70
countries. Through its Avis and Budget brands, the Company
is a leading vehicle rental company in each of North
America, Australia, New Zealand and certain other regions
based on published airport statistics. Avis Budget Group is
headquartered in Parsippany, N.J. and has more than 22,000
employees. For more information about Avis Budget Group,
visit www.avisbudgetgroup.com.

About
Dollar Thrifty Automotive Group, Inc.


Dollar Thrifty Automotive Group, Inc. is
headquartered in Tulsa, Oklahoma. Driven by the mission
"Value Every Time," the Company's brands, Dollar Rent A Car
and Thrifty Car Rental, serve value-conscious travelers in
over 80 countries. Dollar and Thrifty have approximately 600
corporate and franchised locations in the United States and
Canada, operating in virtually all of the top U.S. and
Canadian airport markets. The Company's approximately 6,000
employees are located mainly in North America, but global
service capabilities exist through an expanding
international franchise network. For additional information,
visit http://www.dtag.com or the brand sites at
http://www.dollar.com and http://www.thrifty.com.


Forward-Looking Statements


This press release includes
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These
forward-looking statements are based on Avis Budget's
current expectations and they include, among others,
statements regarding expected synergies and benefits of a
potential combination of Avis Budget and Dollar Thrifty.
There is no assurance that Avis Budget will enter into a
merger agreement with Dollar Thrifty or that the potential
transaction will be consummated, and there are a number of
risks and uncertainties that could cause actual results to
differ materially from the forward-looking statements made
herein. These risks and uncertainties include the timing to
consummate the potential transaction between Avis Budget and
Dollar Thrifty and the ability and timing to obtain required
regulatory approvals and financing, Avis Budget's ability to
realize the synergies contemplated by the potential
transaction, Avis Budget's ability to promptly and
effectively integrate the businesses of Dollar Thrifty and
Avis Budget, those risks and uncertainties discussed in the
"Risk Factors" section of Avis Budget's Annual Report on
Form 10-K for the fiscal year ended December 31, 2009 and
Quarterly Reports for the quarterly periods ended March 31,
2010 and June 30, 2010, and other factors discussed in Avis
Budget's filings with the SEC. Investors and security
holders are cautioned not to place undue reliance on these
forward-looking statements, which apply only as of the date
of this press release. Avis Budget does not undertake any
obligation to update its forward-looking statements to
reflect events or circumstances after the date of this press
release.

Additional Information and Where
to Find It

This press release does not
constitute an offer to sell or the solicitation of an offer
to buy any securities or a solicitation of any vote or
approval. This press release relates to a potential
transaction involving Dollar Thrifty Automotive Group, Inc.
("Dollar Thrifty") which may become the subject of a
registration statement and/or proxy statement filed with the
Securities and Exchange Commission (the "SEC"). This
material is not a substitute for the prospectus/proxy
statement Avis Budget Group, Inc. ("Avis Budget") may file
with the SEC regarding the potential transaction or for any
other document which Avis Budget may file with the SEC and
may send to Avis Budget or Dollar Thrifty stockholders in
connection with the potential transaction. INVESTORS AND
SECURITY HOLDERS OF AVIS BUDGET AND DOLLAR THRIFTY ARE URGED
TO READ ANY SUCH DOCUMENTS FILED WITH THE SEC CAREFULLY IN
THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION ABOUT THE POTENTIAL
TRANSACTION.

Investors and security
holders will be able to obtain free copies of any documents
filed with the SEC by Avis Budget through the web site
maintained by the SEC at www.sec.gov. Free copies of any
such documents can also be obtained by directing a request
to Avis Budget Group, Inc., Investor Relations, 6 Sylvan
Way, Parsippany, NJ 07054.

Avis Budget
and its directors and executive officers and other persons
may be deemed to be participants in the solicitation of
proxies in respect of the potential transaction. Information
regarding Avis Budget's directors and executive officers is
available in its Annual Report on Form 10-K for the year
ended December 31, 2009, which was filed with the SEC on
February 24, 2010, and its proxy statement for its 2010
Annual Meeting of Shareholders, which was filed with the SEC
on April 1, 2010. Other information regarding the
participants in a proxy solicitation and a description of
their direct and indirect interests, by security holdings or
otherwise, will be contained in a proxy statement filed in
connection with the potential transaction.


Media Contacts:
--------------- For Avis Budget:
For Dollar Thrifty:
Joele Frank, Wilkinson David Reno/Stephanie
John Barrows Brimmer Katcher
Pillersdorf Joele Frank /Andrew
973.496.7865 Siegel /Ed Trissel
Sard Verbinnen & Co. [e-mail]
212.355.4449 212.687.8080
Investor Contacts: ------------------
For Avis Budget: For Dollar Thrifty:
Neal Goldner MacKenzie Partners
Kindra Marts 973.496.5086 Dan Burch /
Charlie Koons 918.669.2119 [e-mail]
212.929.5748 / 212.929.5708 [e-mail]
SOURCE Avis Budget Group, Inc.; Dollar Thrifty Automotive
Group, Inc.




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