Car-rental company Dollar Thrifty Automotive Group Inc. is taking itself off the market after failing to get any acceptable takeover proposals from Hertz or anybody else.
Dollar Thrifty's stock fell $1.21, or 2 percent, to close at $59.19 Tuesday.
Not too long ago Dollar Thrifty found itself being pursued by both Hertz Global Holdings Inc. and Avis Budget Group Inc. But Avis took itself out of the bidding in mid-September, leaving Hertz as the lone bidder.
Dollar Thrifty said Tuesday that it had given suitors until Monday to submit their "best and final" offers. It said in August that it needed a bid that would pass antitrust muster.
But the rental car company from Tulsa, Oklahoma, said it did not receive any proposals meeting this criterion, so it will continue to run as a stand-alone company.
"The purpose of setting a deadline for submission of bids was to bring clarity to the next steps for the company. As we said all along, continuing uncertainty is in no one's interest," Dollar Thrifty President and CEO Scott Thompson said in a statement.
Thompson said Hertz's offer is still open and that he received a call from Hertz CEO Mark Frissora four days ago to reiterate the company's commitment to a potential buyout.
"The fact remains that they have not made a proposal that addresses our board's requirements," Thompson said.
A call to Hertz for comment was not immediately returned. Its shares rose 14 cents, or 1.4 percent, to close at $10.22 Tuesday.
Hertz had offered to buy Dollar Thrifty for $57.60 in cash and 0.8546 shares of Hertz stock for each Dollar Thrifty share. That was a sweetening of a previous offer made by the Park Ridge, New Jersey-based company last year that was rejected by Dollar Thrifty shareholders. Dollar Thrifty had also advised its shareholders against accepting Hertz' most recent offer.
Avis originally made an informal offer of $45.79 per share in cash and 0.6543 shares of Avis for Dollar Thrifty. It held off on making a formal offer, because Dollar Thrifty said it wanted to work on getting antitrust approval for the deal first.
Hertz and Avis wound up in a tug-of-war over Dollar Thrifty for more than a year, but Avis dropped its bid in September due to current market conditions.
At the time, the Hertz bid was worth about $2.1 billion while the Avis offer was worth about $1.67 billion based on Dollar Thrifty's 31.3 million outstanding shares.
A little over a week ago Avis, which is based in Parsippany, New Jersey, announced that it completed its $1 billion acquisition of Avis Europe PLC.
On Tuesday, Dollar Thrifty also maintained its third-quarter rental revenue forecast on Tuesday, which is expected to be up 2 percent. The company will report its third-quarter results on Nov. 1.
In addition, Dollar Thrifty plans to start a previously announced repurchase program, buying back up to $400 million of its common stock. It expects to buy back up to $100 million per quarter over the next four quarters.