US car-rental firm Dollar Thrifty said on Tuesday it has rejected a takeover bid from rival Hertz, ending an effort to find a suitable partner.
Dollar Thrifty said the Hertz offer did not meet its requirement that any proposal eliminate the risk that the transaction could be blocked by antitrust authorities.
Dollar Thrifty recalled that when it sought bids for a potential tie-up in August, its solicitation letter for "best and final" offers "stated that any proposal that did not eliminate the antitrust regulatory risk of the transaction for its shareholders would not likely be acceptable."
The company said it had not received any proposals meeting this criterion as of October 10.
"Consequently, Dollar Thrifty has terminated its solicitation process and will continue to execute its current stand-alone plan," the Tulsa, Oklahoma-based firm said.
Hertz, the world's leading automobile rental company, currently has a takeover bid for Dollar Thrifty that runs until November 1.
Under the terms of the offer, Hertz would pay about $72 a share for Dollar Thrifty, of which 80 percent would be in cash, valuing the firm at about $1.9 billion.
A month ago, Hertz bought $2.62 million Thrifty shares, out of a total 29 million.
Hertz, which is looking to expand its network, first approached Dollar Thrifty with an eye to acquisition in April 2010.
Another car-rental firm, Avis Budget, dropped its bid for Dollar Thrifty last month.
Dollar Thrifty also confirmed that it would begin its third-quarter share buyback program to repurchase up to $400 million in stock after its earnings call on November 1.