Hertz’s Acquisition Offer for Dollar Thrifty

On May 9, 2011, Hertz Global Holdings, Inc. (NYSE: HTZ) announced an exchange offer for all outstanding shares of Dollar Thrifty Automotive Group, Inc. (NYSE: DTG). Hertz will offer Dollar Thrifty shareholders $72.00 per share (based on Hertz’s closing stock price on May 6, 2011), consisting of $57.60 in cash and 0.8546 shares of Hertz. The equity value of the transaction is approximately $2.2 billion. Cravath is representing Hertz, the world’s largest general-use car rental brand, in this transaction.

The lawyers involved include partner Minh Van Ngo and associates Joseph D. Zavaglia, Michael E. Mariani, Travis J. Wofford, Kevin R. Grondahl and Benjamin S. Persina on corporate matters; partner Eric W. Hilfers, practice area attorney Michael Krasnovsky and associate Neetin Gulati on executive compensation and benefits matters; and partner Michael L. Schler on tax matters.