At a special meeting held on September 30, the shareholders of Dollar Thrifty voted against the proposed merger with Hertz, by a margin of approximately 8%. Hertz immediately announced that it had “started taking the necessary steps to cease activities related to the acquisition of Dollar Thrifty.” Avis, which has been in a bidding war with Hertz over the course of the summer for control of Dollar Thrifty, had most recently increased its offer to approximately $53 per share of Dollar Thrifty stock. Avis announced yesterday an intention to “diligently pursue antitrust clearance,” while commencing an exchange offer for Dollar Thrifty’s shares at the most recent offer price. Avis also offered publicly to include a $20 million reverse termination fee in a negotiated acquisition agreement with Dollar Thrifty, even though Avis had steadfastly refused to agree to such a fee in previous negotiations with the target. The merger agreement between Hertz and Dollar Thrifty included a reverse termination fee of $44.6 million. Dollar Thrifty announced its intention to continue evaluating other options while operating business as usual.