The Federal Trade Commission has approved the merger of Hertz and Tulsa-based Dollar Thrifty.
The vote was 4-1.
Still to be determined is what will become of Dollar Thrifty’s Tulsa workforce.
Jim Huntzinger is Chief Investment Officer at BOK Financial. "There is some concern that the Dollar Thrifty workforce here in Tulsa could be negatively impacted. We don't know the answer that yet. Hertz does have a significant number of employees in Oklahoma City, about 1700, despite the fact they're headquartered in New Jersey. So I guess the risk to Tulsa is that the 800 or so Tulsa-based employees would be eliminated or their jobs could be moved to Oklahoma City. We don't know the answer to that yet."
Officials with Hertz have indicated staffing questions will be addressed after the merger.
As far as investors are concerned, Huntzinger says, "In 2009 Dollar Thrifty stock fell below well a dollar a share. The all cash purchase price from Hertz was for $87.50. That's attractive for shareholders there's no doubt about that. From an investors perspective...Dollar Thrifty in particular...it's been a huge comeback. The offer from Hertz has finally been approved and it's a good one."
Huntzinger says Hertz has a lot to offer should general economic conditions improve.