UPDATE: Oppenheimer Terminates Coverage on Zipcar Following Acquisition by Avis Budget Group

In a report published Monday, Oppenheimer analyst Jason Helfstein terminated the firm's coverage of Zipcar (NASDAQ: ZIP).

In the report, Helfstein noted, “We are discontinuing research coverage of Zipcar, due to the completion of the company's acquisition by Avis Budget Group (CAR-NASDAQ, $27.88, Not Covered) for $500 million. At the time of discontinuation, we did not have a rating on ZIP shares.”

Zipcar closed on Friday at $12.25.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.