Hertz agreed to pay $87.50 per Dollar Thrifty share—an 8% premium over the stock's Friday closing price of $81—as it looks to complete its two-year pursuit of its smaller rival. The price is more than twice the $41-per-share offer Hertz made in 2010.
Quote from: zstyles on August 27, 2012, 12:08:38 AM
Hertz agreed to pay $87.50 per Dollar Thrifty share—an 8% premium over the stock's Friday closing price of $81—as it looks to complete its two-year pursuit of its smaller rival. The price is more than twice the $41-per-share offer Hertz made in 2010.
What happens to the Tulsa employees?
Quote from: Conan71 on August 27, 2012, 09:32:50 AM
What happens to the Tulsa employees?
They're all wearing shades because their future looks amazingly bright. That's a guess.
Quote from: Townsend on August 27, 2012, 09:54:24 AM
They're all wearing shades because their future looks amazingly bright. That's a guess.
Company mouthpiece states that the Dollar employees will be given jobs in the new company.
Lot porters...
Quote from: AquaMan on August 27, 2012, 11:17:05 AM
Lot porters...
Washing cars can be fun and fulfilling.
Quote from: carltonplace on August 27, 2012, 11:13:34 AM
Company mouthpiece states that the Dollar employees will be given jobs in the new company.
Did the mouthpiece mention where those jobs might be located?
This has happened before with many other large companies as you all know, doubting they will pickup and leave anytime soon, also doubting that this will take ALL the jobs out of Tulsa. Tulsa is actually a pretty decent size car rental hub, Enterprise holdings, National/Alamo have a large facility here in the Cherokee Industrial park, sure after Enterprise bought out National/Alamo alot of jobs went (and people didn't) to St. Louis, the same with Verizon, they bought out MCI (which was another story) Verizon still has a large employee base here in Cherokee..Avis/Budget still has a large facility here in Tulsa off the BA...while Oklahoma City has a nice large office but there are not many other rental car players in OKC...its all a what if at this point but no one will really know until they run the numbers...there are many highly successful and talented people in Tulsa at DTAG and they do have the fact that the facility they are in has room for expansion or reduction but the property is owned and paid for...lets see what the Tulsa Chamber can do for you today....
We'd better hurry and get that deal closing fund in place....
My concern for the medium and long-term is Hertz has a facility in OKC. Not sure they will keep large operations in both cities.
Quote from: zstyles on August 27, 2012, 11:47:50 AM
This has happened before with many other large companies as you all know, doubting they will pickup and leave anytime soon, also doubting that this will take ALL the jobs out of Tulsa. Tulsa is actually a pretty decent size car rental hub, Enterprise holdings, National/Alamo have a large facility here in the Cherokee Industrial park, sure after Enterprise bought out National/Alamo alot of jobs went (and people didn't) to St. Louis, the same with Verizon, they bought out MCI (which was another story) Verizon still has a large employee base here in Cherokee..Avis/Budget still has a large facility here in Tulsa off the BA...while Oklahoma City has a nice large office but there are not many other rental car players in OKC...its all a what if at this point but no one will really know until they run the numbers...there are many highly successful and talented people in Tulsa at DTAG and they do have the fact that the facility they are in has room for expansion or reduction but the property is owned and paid for...lets see what the Tulsa Chamber can do for you today....
You are quite right. We simply will not know for some time (and I'm sure nobody at Hertz knows for sure at this time either). Do you know how many jobs Enterprise/Alamo/National still has in Tulsa and how many Verizon still has at Cherokee? Also, how many does Level 3 have in Tulsa (what used to be Williams Communications)?
The deal closing fund...that's the ticket!
Start with the leases and the term left. Is that building theirs? Or, do they lease?
I don't believe what corporations say. I always let them prove my thinking is wrong. I bet there's already some desks cleaning out...
They own all three buildings from what I hear from my friends there...lots of prime real estate right off the BA...
Quote from: zstyles on August 27, 2012, 02:30:47 PM
They own all three buildings from what I hear from my friends there...lots of prime real estate right off the BA...
It's only "prime" real estate so long as there's a line of people waiting to occupy it if DTAG moves out.
Well good. That means local owners won't be sucking wind and that Hertz won't be in any big rush to consolidate. But somebody's going to lose and my guess would be unfortunately starting with the worker bees.
Kudos to those that resurrected this company before they melted down in 2009. Turned it around quickly. Many Tulsans made big bucks to spend locally.
Tulsa Employees Guaranteed Jobs for 4 Months After Merger With Hertzhttp://www.ktul.com/story/19385472/hertz-to-buy-dollar-thrifty-for-23-billion?utm_source=twitterfeed&utm_medium=twitter (http://www.ktul.com/story/19385472/hertz-to-buy-dollar-thrifty-for-23-billion?utm_source=twitterfeed&utm_medium=twitter)
QuoteTulsa, Oklahoma -
Employee's at Dollar Thrifty's Tulsa headquarters are guaranteed jobs for at least four months after merging with Hertz, according to information filed with the Securities and Exchange Commission.
The memo filed Monday with the Commission was issued to Dollar Thrifty managers and featured key points of the merger agreement announced on Sunday. Hertz has agreed to purchase Dollar Thrifty for about $2.3 billion.
The memo states that all Tulsa employees will be retained for four months and provides severance payments for anyone who is terminated at the end of the four month period.
Dollar Thrifty employees 5,900 employees, including almost 800 at its Tulsa headquarters.
Mike Neal, president and CEO of the Tulsa Metro Chamber, said the Chamber has been monitoring the situation and looks forward to working with Hertz.
"The Chamber welcomes Hertz as a new corporate partner in Tulsa and will aggressively work to ensure the company's integration plans result in positive protections for the Tulsa area workforce," Neal said. "The employees of the rental car industry are a tremendous asset in the travel industry sector, which is closely aligned with the vital aviation and aerospace industry in the Tulsa region."
The announcement Sunday ended two years of competition to buy the company.
Avis Budget Group was also in the mix, pursuing a bid for Dollar Thrifty for more than a year. Avis dropped its bid nearly a year ago citing market conditions. Then, in October of last year, Hertz dropped its bid, too. But Dollar Thrifty didn't trust that the years of attempts were over. In February, it extended its shareholder rights plan known as a "poison pill" - a maneuver designed to deter any unsolicited attempts to take over the company - through May 2013.
Hertz Chairman and CEO Mark P. Frissora said in a statement that the Dollar Thrifty buyout will give it access to two well-known rental car brands - Dollar and Thrifty - as well as make it a more competitive player in Europe and other markets overseas.
"We are pleased to have finally reached an agreement with Dollar Thrifty after a lengthy - but worthwhile - pursuit," he said.
Both Hertz and Dollar Thrifty's boards have unanimously approved the deal, which still needs antitrust clearance from the Federal Trade Commission. Hertz said it has stayed in close contact with the FTC to secure clearance and that Dollar Thrifty will fully cooperate with the process.
Quote from: Townsend on August 27, 2012, 04:25:33 PM
Tulsa Employees Guaranteed Jobs for 4 Months After Merger With Hertz
http://www.ktul.com/story/19385472/hertz-to-buy-dollar-thrifty-for-23-billion?utm_source=twitterfeed&utm_medium=twitter (http://www.ktul.com/story/19385472/hertz-to-buy-dollar-thrifty-for-23-billion?utm_source=twitterfeed&utm_medium=twitter)
With that announcement, I think the smart money is on the bulk of the jobs leaving Tulsa.
The three buildings at Dollar Thrifty Plaza are owned by DTAG Services Inc. Assessed value is $18MM.
Quote from: Oil Capital on August 28, 2012, 08:57:19 AM
With that announcement, I think the smart money is on the bulk of the jobs leaving Tulsa.
I saw it the same way.
Yeah, kind of sounded like:
"You've got four months to sell your house and plan your move or to find another job. Cheers!"
Perfect timing for the holidays assuming the consummation happens pretty quick.
Quote from: Conan71 on August 28, 2012, 09:29:10 AM
Yeah, kind of sounded like:
"You've got four months to sell your house and plan your move or to find another job. Cheers!"
Perfect timing for the holidays assuming the consummation happens pretty quick.
It will still take most of a year before the merger is completed.
Quote from: Townsend on August 28, 2012, 09:24:21 AM
I saw it the same way.
OKC sees this as a good thing.
Quote from: swake on August 28, 2012, 09:55:44 AM
It will still take most of a year before the merger is completed.
Cool so they will be RIF'd a few months before the holidays next year. I'm sure that's a relief.
Quote from: swake on August 28, 2012, 09:55:44 AM
It will still take most of a year before the merger is completed.
Good point. The 4 months starts from closing, not from today. But...
The structure allows the parties to close in six weeks, subject to regulatory approval, rather than three to four months under a standard, single-step deal. http://blogs.wsj.com/deals/2012/08/27/hertzdollar-thrifty-built-for-speed/ (http://blogs.wsj.com/deals/2012/08/27/hertzdollar-thrifty-built-for-speed/) From what I've read, nobody seems to expect any problem getting regulatory approval, so this may close relatively quickly.
It's tough to say where a bid might come from. Avis Budget Group, a one-time suitor of Dollar Thrifty, recently acquired its own European division, and so it may be tapped out. Enterprise Holdings, similarly, is in the midst of a purchase of Citer SA, which in part will allow it to enter the French and Spanish markets.
"You could see private equity firms getting interested in Dollar Thrifty," Dollarhide said. "Hertz may not be able to pay $100 a share in a bidding war, but a private equity group could. They could buy Dollar Thrifty, take it private, wait five years and then do an initial public offering. Of course, there's a lot of risk to that strategy if the market turns and you can't do your IPO."
Dollarhide said interested observers should watch Dollar Thrifty's stock closely in the next few weeks.
How wonderful! More Tulsa jobs lost because of corporate greed. I have been told by a very reliable source that Scott Thompson (DTAG CEO) will get a payout of $$80-90 Million. What a freaking shame!
Our foreclosure rate in Tulsa will go up, unemployment figures will go up, this is NOT a good thing for Tulsa... but Mr. Thompson is smiling all the way to the bank. Many of these lost jobs are high paying jobs. Wonder how long those three buildings will stand abandoned after the transition to OKC?
Luckily for my very reliable source who was in upper management there, that person bought MANY shares in 2009 when the stock was selling for under $1 per share. That person is also still in Tulsa, employed elsewhere, and continues to contribute to the Tulsa economy.
To all my friends at DTAG - Good Luck. I really hope the best for you and your families.
http://www.bloomberg.com/news/2012-10-25/hertz-bid-for-dollar-thrifty-runs-into-headwinds-at-ftc.html
antitrust clearance to buy Dollar Thrifty Automotive Group Inc. has met resistance at the U.S. Federal Trade Commission, according to people familiar with the situation.
the stock the last week has dropped quite dramatically...
If you like Hertz/Dollar/Thrifty, you are gonna love Romney!!
They just haven't found the right people to buy at the FTC yet. Won't take more than a couple of weeks.
This just in..Guess Oklahoma didn't pony up enough or any money to convince them to move here...
http://www.usatoday.com/story/money/business/2013/05/07/hertz-headquarters-relocate-lee-county/2140561/
Quote from: zstyles on May 07, 2013, 09:27:34 AM
This just in..Guess Oklahoma didn't pony up enough or any money to convince them to move here...
http://www.usatoday.com/story/money/business/2013/05/07/hertz-headquarters-relocate-lee-county/2140561/
I can't imagine why a major company would choose Lee County, FL area over Tulsa...or anywhere else in Oklahoma!! What is wrong with this picture...after all we have the Rick Scott Kindred Spirit in Mary Failin'....
Geez, I wish they needed some engineers!! I wanna go to Naples!!
Had a friend call me today and tell me that the company is sending out letters to employees in Tulsa letting them know if they are offered a Job in Florida, Oklahoma City, or to stay here in Tulsa.."we don't know what we are going to do with you".or "no longer needed".....I've never heard of mass letters being mailed out and not really sure what to think about it...
Quote from: zstyles on May 29, 2013, 08:57:31 AM
Had a friend call me today and tell me that the company is sending out letters to employees in Tulsa letting them know if they are offered a Job in Florida, Oklahoma City, or to stay here in Tulsa.."we don't know what we are going to do with you".or "no longer needed".....I've never heard of mass letters being mailed out and not really sure what to think about it...
American Airlines? I'm pretty sure they did it last year.
Ahhh..gotcha....