Market Overview

Avis to Acquire Zipcar for $12.25/Share in Cash

Related CAR
Top 4 Stocks In The Rental & Leasing Services Industry With The Highest Revenue
5 Trading Ideas Readers Went Nuts For This Week
Liberty Tax Q3 Earnings Beat Estimates on Higher Revenues - Analyst Blog (Zacks)

Avis Budget Group (NASDAQ: CAR) and Zipcar. (NASDAQ: ZIP) today announced that Avis Budget Group has agreed to acquire Zipcar for $12.25 per share in cash, a 49% premium over the closing price on December 31, 2012, representing a total transaction value of approximately $500 million. The transaction is subject to approval by Zipcar shareholders and other customary closing conditions, and is expected to be completed in the spring of 2013. The Boards of Directors of both companies unanimously approved the transaction, and Zipcar shareholders representing approximately 32% of the outstanding common stock have agreed to vote their shares in support of the transaction.

Car sharing has grown to be a nearly $400 million business in the United States and is expanding rapidly in major cities around the world. Zipcar has led this industry, leading in innovation and world-class service. Zipcar now has more than 760,000 members, known as Zipsters,

See full press release

Posted-In: Earnings News Guidance Management M&A Global


Related Articles (CAR + ZIP)

Around the Web, We're Loving...