ST. LOUIS, MO--(Marketwire - April 1, 2009) - Enterprise Rent-A-Car today announced that it declined to bid further for certain assets of Advantage Rent-A-Car, which are being sold out of bankruptcy.
In early March, Enterprise announced its intention to purchase the Advantage assets for $19 million pending approval of the bankruptcy court, which would also consider competing bids. A competitive bid situation did develop and a court-ordered auction was conducted yesterday in Minneapolis.
The auction process escalated the purchase price for the assets of Advantage to in excess of $30 million, higher than the management of Enterprise deemed appropriate for the failed business. Yesterday afternoon, Enterprise formally declined to increase its bid once the asking price exceeded the company's return-on-investment criteria.
Contact Information: For More Information, contact: Christy Conrad Enterprise Rent-A-Car 314-512-2706 (work) 314-265-6834 (mobile)