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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. PR@avisbudget.com
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 IR@avisbudget.com
212.929.5748 / 212.929.5708 kindra.marts@dtag.com
SOURCE Avis Budget Group, Inc.; Dollar Thrifty Automotive
Group, Inc.
============================================================
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Avis Budget Group Plans to Announce Second Quarter 2010 Results on August 4
Avis Budget Grp. (NYSE:CAR)
Intraday Stock Chart
Today : Monday 19 July 2010
Avis Budget Group, Inc. (NYSE: CAR) announced today that it plans to report its second quarter 2010 results after the market close on August 4, 2010 and host a conference call to discuss such results on August 5, 2010 at 9:00 a.m. Eastern time.
Investor Conference Call
Avis Budget Group will host a conference call to discuss second quarter results on Thursday, August 5, 2010, at 9:00 a.m. (ET). Investors may access the call live at www.avisbudgetgroup.com or by dialing (210) 234-0038, and providing the access code "Avis Budget." Investors are encouraged to dial in approximately 10 minutes prior to the call. A web replay will be available at www.avisbudgetgroup.com following the call. A telephone replay will be available from 2:00 p.m. (ET) on August 5, 2010 until 8:00 p.m. (ET) on August 12, 2010 at (203) 369-0771, access code: "Avis Budget."
About Avis Budget Group, Inc.
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.
Best of luck! I think that's a good possibility.
Loaded up today - thinking it is near a bottom and hoping it will run again...
Still cant complain from .48 to $12.... Could still run down the road when the economy improves even more.
Sorry I've been a stranger to all my boards personal issues Ive had to deal with.
As for CAR, I 'think' on any good economic news it'll hold up rather well. That bodes for all of the. CAR, DTG (which has been stupid this last year) and HTZ.
Just my opinion, but they've been darlings on relatively moderate growth. They've been shaking the big three fiasco's and hopefully will come out looking good when it's all said and done.
Best of luck to you all.
I added last Friday and may increase it tomorrow...
This really dropped - looking to get back in soon.
Interesting SEC filings... Vangard group has 5%+ ownership now. Merger? Mmmmm.
http://sec.gov/cgi-bin/browse-edgar?company=&match=&CIK=car&filenum=&State=&Country=&SIC=&owner=exclude&Find=Find+Companies&action=getcompany
Alliance Data's Canadian Loyalty Business Signs Multi-Year Renewal Agreement With Budget
7:30a ET February 11, 2010 (PR NewsWire)
Alliance Data Systems Corporation (NYSE: ADS), a leading provider of loyalty and marketing solutions derived from transaction-rich data, today announced that it has signed multi-year renewal agreements with Budgetcar, Inc., a subsidiary of Avis Budget Group, Inc., as a national sponsor and reward supplier in Alliance Data's Canadian AIR MILES(R) Reward Program. Budget has been a sponsor and rewards supplier in the AIR MILES coalition since 2007, issuing reward miles to Canadian AIR MILES Collectors who rent vehicles in Canada. Under terms of the sponsor renewal agreement, Budget will also issue reward miles to collectors who rent cars in the United States, effective by the end of the first quarter, 2010. Under terms of the reward supplier renewal agreement, collectors can now also redeem reward miles for U.S. car rentals.
The AIR MILES Reward Program is Canada's premier coalition loyalty program, with approximately two-thirds of Canadian households actively collecting reward miles. AIR MILES collectors earn reward miles at more than 100 leading brand-name sponsors representing thousands of retail and service locations across Canada. AIR MILES reward miles can be redeemed for more than 1,200 different rewards, such as travel, movie passes, entertainment attractions, and electronic merchandise.
"The multi-year renewal agreements - and specifically the new opportunity for Collectors to earn reward miles for bookings in the United States - enables both Budget and the AIR MILES Reward Program to increase customer transaction frequency and issue incremental reward miles," said Bryan Pearson, president, Alliance Data's LoyaltyOne business. "Budget's ongoing participation in our coalition loyalty program represents a strategic advantage for one of the world's best-known brands in the highly competitive car and truck rental industry."
"We are pleased to extend our relationship with Alliance Data and continue our participation in the AIR MILES program," said Bill Boxberger, vice president and general manager of Avis Budget Group, Canada. "Budget customers depend on us for quality vehicles and great customer service. They are sure to value the AIR MILES they earn when renting with Budget."
About Budget
Budget is one of the world's best-known car rental brands with approximately 2,750 locations in more than 120 countries. Budget is owned by Avis Budget Group, Inc. (NYSE: CAR), which operates and franchises the brand throughout the world. For further information, visit www.budget.com.
About LoyaltyOne(TM)
LoyaltyOne works with more than 100 of North America's leading brands in the retail, financial services, grocery, petroleum retail, travel, and hospitality industries to profitably change customer behavior. Through a team of businesses including Canada's AIR MILES Reward Program, COLLOQUY, Precima, LoyaltyOne Consulting and Direct Antidote, LoyaltyOne designs, delivers, and manages a suite of loyalty marketing services -- consumer data, customer-centric retail strategies, direct-to-consumer marketing, loyalty consulting, and more. LoyaltyOne is part of the Alliance Data family of companies. For over 30 years, Alliance Data has helped its clients build more profitable, more loyal relationships with their customers. More information is available at www.loyalty.com.
About Alliance Data
Alliance Data (NYSE: ADS) and its family of businesses is a leading provider of loyalty and marketing solutions derived from transaction-rich data. Through the creation and deployment of customized solutions that measurably change consumer behavior, Alliance Data helps its clients to create and enhance customer loyalty to build stronger, mutually beneficial relationships with their customers. The Company manages millions of customer relationships for some of North America's largest and most recognizable brands, helping them grow their businesses and drive profitability. Headquartered in Dallas, Alliance Data employs approximately 7,000 associates at approximately 50 locations worldwide. Alliance Data is a leading provider of marketing-driven credit solutions, and is the parent company of Epsilon(R), a leading provider of multi-channel, data-driven technologies and marketing services, and LoyaltyOne(TM), which owns and operates the AIR MILES(R) Reward Program, Canada's premier coalition loyalty program. For more information about the company, visit its web site, www.AllianceData.com
Alliance Data's Safe Harbor Statement/Forward Looking Statements
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements may use words such as "anticipate," "believe," "estimate," "expect," "intend," "predict," "project" and similar expressions as they relate to us or our management. When we make forward-looking statements, we are basing them on our management's beliefs and assumptions, using information currently available to us. Although we believe that the expectations reflected in the forward-looking statements are reasonable, these forward-looking statements are subject to risks, uncertainties and assumptions, including those discussed in our filings with the Securities and Exchange Commission.
If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary materially from what we projected. Any forward-looking statements contained in this presentation reflect our current views with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We have no intention, and disclaim any obligation, to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this presentation regarding Alliance Data Systems Corporation's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report on Form 10-K for the most recently ended fiscal year. Risk factors may be updated in Item 1A in each of the Company's Quarterly Reports on Form 10-Q for each quarterly period subsequent to the Company's most recent Form 10-K.
SOURCE Alliance Data Systems Corporation
Very slow on the news front for this. Most everything I've been reading is 'hold'. Personally I'm putting it on my caution list. IMO Chart has turned down and if it doesnt get above the 50 moving soon...
Been SO busy but still watching this.. doesnt seem to be a lot of news as of late, but it's good to see the price holding.
http://stockcharts.com/h-sc/ui?s=CAR&p=D&b=5&g=0&id=p77063467924
"The "head-and-shoulders" pattern is believed to be one of the most reliable trend-reversal patterns."
What does the chart looks like ?
On 11/7 had a few insider buys... thats a good sign.
Whats wierd is the SEC/s not showing it, but Ameriturd is?...
http://sec.gov/cgi-bin/browse-edgar?company=&match=&CIK=car&filenum=&State=&Country=&SIC=&owner=exclude&Find=Find+Companies&action=getcompany
I have entered into THE AVIS Craze too..
Why.
I see that they are going to post healthy profits soon.
My prediction is EPS for Q4 will be 50cts - 80cts
So their EPS for the entire year will be 52cts - 82cts
And EPS for 2010 should be around $2.
EPS of 10X puts this company at $20.
This is undervalued.
I am sticking to CAR for one quarter. I believe it will be $20 by next earning release. And this should be $30 in 2011 as by then earnings will be about $4 per year.
CAR is headed down - I think I will get back in when the 50 and 200 MA's collide.
Very nice! Congrats on making the decision and moreover for sticking to it!
CAR my fave stock, bought at 0.48 back in the march low, have 10000, waiting for between $18 - $34 to bail out
Sheep.... and he probably bought it when it was at $5. "for his trust".. lol.
Cramer yesterday pumped HTZ - amazing what power he has. Can you imagine, buying a stock and then having the ability to pump it on TV and watch it soar the next day! Wow - like he can make gold out of water!
Easy to hold when the profits are 30%.. I usually plan a 25% exit strategy.... Hate it when I get down to 10 and say.. whoulda shoulda...
Avis Budget Group Announces Offering of $250 Million of Convertible Senior Notes
4:05p ET October 6, 2009 (Market Wire)
Avis Budget Group, Inc. (NYSE: CAR) today announced its intention to commence an offering, subject to market conditions and other factors, of $250 million aggregate principal amount of convertible senior notes. The notes will be due in 2014 and are to be offered and sold solely to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The interest rate, conversion rate and other terms will be determined by negotiations between the Company and the initial purchasers of the notes. Avis Budget expects to grant the initial purchasers of the notes the right to purchase up to an additional $37.5 million aggregate principal amount of notes to cover overallotments.
Avis Budget intends to simultaneously enter into a warrant transaction and use a portion of the net proceeds of the offering to purchase a convertible note hedge, and to use the balance of the net proceeds of the offering for general corporate purposes, including the repayment of debt. The effect of the convertible note hedge and warrant transaction, or "call spread," will be to increase the effective conversion price of the notes from the Company's perspective. Avis has been advised by the counterparties to the call spread that they intend to hedge their exposure under the call spread by entering into various derivative transactions concurrently with pricing of the offering, which may have an effect on the market price of Avis Budget's common stock.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
The notes, the shares of common stock underlying such notes, the convertible note hedge transactions and the warrants have not been and will not be registered under the Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Forward-Looking Statements
This press release contains certain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, whether or not Avis Budget will offer the notes or consummate the offering, the anticipated terms of the notes and the offering, and the anticipated use of the proceeds of the offering. Avis Budget does not undertake any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of this press release.
About Avis Budget Group, Inc.
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 general-use 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 approximately 24,000 employees. For more information about Avis Budget Group, visit www.avisbudgetgroup.com.
SOURCE: Avis Budget Group, Inc.
Nice play! just inching back up
Nice run today! This just keeps on ticking. I should just go all in and ride it back to 30. It's like a submerged bobber going back to the surface where it belongs.
I read one book about Warren Buffett and I just did not listen to his simple investment strategy. Buy and hold...for a year min for his initial investors. Todays media is so hyped to buy and sell on any news and at any time. I must admit, it is hard to hold long.
I am with you my friend... I had a pile of this and DTG under $1... sold a lot - but man if I'd held on... drives me crazy every day.. "oh well". :)
I'm still mad I sold my BAC at $5 too, but what do u do. lol
Oh - thought you had sold at one point. Good for you. I have been riding HOG since 15 and it has been a nice ride - with much more upside on that one IMO.
Can you imagine what 100k would have done with CAR at .45? WOW is all I have to say - I will always remember this stock for the rest of my life!
Been in since 6. :) No complaints with that.
Oh good - glad to have company - glad your back in...
It appears to be more stable than A LOT of other company shares. I'm not scared yet. ;)
Thanks, I probably should think about placing a stop loss just in case but only have 500 shares. I think I will probably double down if it tanks a bit. We will see how it plays out...
Here's a chart.. Would like to see it get to $12, 15 and 20 but keep an eye out. If the big boys sell this could drop fast.
Here's a chart 3yr
http://stockcharts.com/h-sc/ui?s=CAR&p=D&yr=3&mn=0&dy=0&id=p89710412232
Yep me too. This still could go up quite a ways so I jumped back in.
These types of stocks, CAR, DTG, HTZ all showed some improvement, and were the first to get hammered when the slowdown started.... almost like a sign of bad times, and hopefully upcoming good times.
Wish I'd kept all mine from .49 cents. :)
Bought sold and most recently bought - back in with only 500 shares. I like the thought that my winnings in my CAR will pay for my rentals in the future years....YEAH
Looks like it may be on its way back up.
Looks like it may be on its way back up.
Well, I am back in big time - this and XIDE took over for some of my MGM stock - I feel good about it now due to the charts being incredible on both. Wish I never sold either one. Wish I could go back in time an put $100k on CAR at .45.
Let's see, that's 222,222 shares x 11.57 = $2.57 mil. There is a ton of head room on both of these stocks IMO.
Well, I am back in big time - this and XIDE took over for some of my MGM stock - I feel good about it now due to the charts being incredible on both. Wish I never sold either one. Wish I could go back in time an put $100k on CAR at .45.
Let's see, that's 222,222 shares x 11.57 = $2.57 mil. There is a ton of head room on both of these stocks IMO.
I may seriouly put some big money in this upon a pullback and ride it back to 30. The March to present chart is the best I have seen of my favorites. XIDE is probably second best.
This market is so freaking hard to predict now... No kidding, I did too... On a bright note if we look at the chart, this looks like there is room to go even more. Wow... any pullback I might snag a reentry.
http://stockcharts.com/h-sc/ui?s=CAR&p=D&yr=0&mn=3&dy=0&id=p03019862782
I wish I did not sell now - up 13% today....
well played... like many I'm starting to get weary of a top.
I sold into the firenancials.
This CAR just keeps climbing - amazing!!! Wonder when it will start to run out of gas....
Thanks for the post.
Avis Budget Swings To 2Q Loss On Lower VolumesLast update: 8/4/2009 4:41:33 PM
DOW JONES NEWSWIRES
Avis Budget Group Inc. (CAR) swung to a second-quarter loss - its sixth loss in the past seven quarters - on lower volumes, but the car-rental company said volumes stabilized in the period. "While we continued to face sharply reduced demand for vehicle rentals in the second quarter, rental volumes did stabilize, and the actions we took to keep fleet levels in line with demand allowed us to achieve a stronger-than-expected 7% increase in domestic time and mileage revenue per day," said Chief Executive Ronald Nelson.
The car-rental industry has been hurt by a sharp drop in travel, the credit crunch and difficulties selling used cars. Avis, which had the largest U.S. market share in 2008, has been cutting jobs and other costs, raising prices and adjusting its fleet size. Last month, it sold $450 million in asset-backed notes, the first such sale by a car-rental company since 2007. For the latest quarter, Avis reported a loss of $6 million, or 6 cents a share, compared with a profit of $15 million, or 15 cents a share, a year earlier. Revenue dropped 17% to $1.31 billion and expenses declined 15% to $1.31 billion. Analysts' estimates were for a loss of 15 cents a share on revenue of $1.41 billion, according to a poll by Thomson Reuters. Rental days dropped 21%, while time and mileage per day revenue increased 4.4% and 7% excluding currency changes.
Competitor Hertz Global Holdings Inc. (HTZ) last week said second-quarter profit dropped 92% amid a sharp drop in car- and equipment-rental revenue, though earnings still topped the company's expectations. Avis shares closed at $8.94, up 1.1%, and were inactive in after-hours trading. The stock has soared from a multidecade low of 34 cents in March but is still down nearly a quarter since September. -By Kathy Shwiff, Dow Jones Newswires; 212-416-2357; Kathy.Shwiff@dowjones.com
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