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Not so fast, Hertz!

By
Josh Kosman
Published Oct. 18, 2012, 4:00 a.m. ET

Hertz could have a hard time sealing its purchase of Dollar Thrifty, with the Federal Trade Commission vote on the deal today expected to be close.

Hertz could have a hard time sealing its purchase of Dollar Thrifty, with the Federal Trade Commission vote on the deal today expected to be close. (Getty Images)

Hold up there, Hertz!

The Federal Trade Commission is scheduled to vote today on the car-rental company’s proposed $2.6 billion takeover of rival Dollar Thrifty — and the vote is expected to be close, The Post has learned.

“This is too close to call,” said one source.

After taking two years to craft a deal for Dollar Thrifty that would alleviate antitrust concerns, Hertz seems confident this deal will finally pass regulatory muster.

Last week, Hertz drew down several billion dollars of debt, saying it would tap it only to complete the purchase of Dollar Thrifty.

What’s more, Hertz has already reached an agreement to sell Advantage Rent-A-Car brand for $16 million to Franchise Services of North America and Macquarie Capital.

The deal is aimed at reducing concentration at the low-priced end of the car rental business.

Dollar Thrifty shareholders also see little risk of the deal between the third- and fourth-largest car rental agencies failing to win approval. Hertz agreed to pay $87.50 for Dollar Thrifty shares — not far off yesterday’s closing price of $86.81.

But there have been recent developments that could weigh on the outcome.

In July, the FTC named Howard Shelanksi as new head of the Bureau of Economics, and he is taking his first look at the controversial deal. In recent weeks his bureau has met with the CEOs from both Hertz and Dollar Thrifty, a source said.

There is also concern that Franchise Services lacks the resources to make Advantage a real competitor to Dollar Thrifty, the source said.

FTC commissioners are scheduled to meet this afternoon, although one source said they may not get to the Hertz-Dollar Thrifty merger.

One source predicts the commission will ultimately vote 3-to-2 in favor of the merger.

The FTC has until Oct. 31 to rule on the deal unless it extends the deadline.

Hertz and FTC did not return calls seeking comment. Dollar Thrifty declined to comment.