RPC Inc shares rise on buyout rumors
Dingmann said the deal would make sense as Patterson has
some fracking business and has always said it would like to have
more.James Landers, vice president of corporate finance at RPC,
declined to comment but said rumors could be the reason for the
jump in the company’s shares.Shares of the Atlanta, Georgia-based company were trading up
2 percent at $18.27 on the New York Stock Exchange. They had
touched $19.91 earlier in the session.
TIMELINE-Bidding war for Dollar Thrifty
Avis Budget Group Inc last month pulled out of a
long-running bidding war for smaller rival Dollar Thrifty,
citing the current market downturn. Hertz Global Holdings Inc
has also bid for Dollar Thrifty.Following are key milestones in this long-running battle:April 26, 2010 - Hertz agrees to buy Dollar Thrifty in a
$1.2 billion deal that will make it the second-biggest U.S. car
rental company.May 3 - Avis Budget says it was interested in making a
“substantially higher” offer than Hertz.May 13 - Avis says it filed with U.S. regulators for
antitrust approval for a potential acquisition of Dollar
Thrifty.May 14 - Hertz says it filed with regulators for antitrust
approval for its Dollar Thrifty acquisition.June 15 - Avis says the U.S. Federal Trade Commission (FTC)
seeks more information on its interest in Dollar Thrifty.July 28 - Avis offers about $1.33 billion for Dollar
Thrifty, topping the Hertz offer.Aug 3 - Dollar Thrifty rebuffs the Avis bid, saying it’s
unsure Avis can close the deal.Sept 2 - Avis raises its bid to $1.36 billion.Sept 12 - Hertz sweetens its offer to $1.56 billion.Sept 23 - Avis raises its bid for Dollar Thrifty by more
than 10 percent to $1.51 billion.Sept 24 - Hertz says it will not raise its offer further.Sept 27 - Dollar Thrifty rejects Avis bid.Sept 28 - Hertz says it will drop its offer for Dollar
Thrifty if it loses a shareholder vote.Sept 30 - Dollar Thrifty shareholders reject Hertz’s $1.4
billion bid. Hertz says it will walk away from the deal, leaving
the door open again for Avis.Nov 4 - Avis says it will need additional funding to
complete the Dollar Thrifty deal.Jan 11, 2011 - Avis and Dollar Thrifty say they have no
indication from regulators about approval for their proposed
deal.March 25 - Avis’s top shareholder says it may hold talks
with the board on an appropriate price the company should pay
for Dollar Thrifty — a $1.66 billion deal which has been
waiting for antitrust clearance for five months.May 9 - Hertz offers nearly $2.1 billion for Dollar Thrifty,
taking advantage of Avis’ problems in getting regulatory
clearance for a rival bid.May 12 - Dollar Thrifty said it would cooperate with Hertz
to secure antitrust clearance for its proposed buyout.May 23 - Hertz said it would start a direct exchange offer
for Dollar Thrifty as it gets aggressive to wrap up a deal.June 14 - Avis buys Avis Europe, its European counterpart,
for 635 million pounds ($1 billion).July 11 - Hertz extends the date of a direct exchange offer
for Dollar Thrifty to Aug. 5.Aug 1 - Labor union International Brotherhood of Teamsters
said it asked Dollar Thrifty in July to redeem the poison pill
adopted to thwart any hostile acquisition bid by Hertz.Aug 21 - Dollar Thrifty said it would seek best and final
offers from Hertz and Avis by Oct. 10.Sept 14 - Avis says it made significant progress to getting
U.S. regulatory clearance to buy Dollar Thrifty, but was pulling
out of the bidding, citing market conditions.Oct 11 - Dollar Thrifty says it had not received any final
acquisition proposal from Hertz or anyone else by an Oct. 10
deadline, and would go ahead with its stand-alone plan.
