Analyst Research

Report Title Price
Provider: Thomson Reuters Stock Report
$25.00
Provider: Stock Traders Daily
$20.00
Provider: New Constructs, LLC
$25.00
Provider: Jefferson Research
$20.00

NYSE and AMEX quotes delayed by at least 20 minutes. NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

Avis Budget Group Inc To Acquire Zipcar, Inc


Wednesday, 2 Jan 2013 06:00am EST 

Avis Budget Group Inc and Zipcar, Inc. 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 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. Following the acquisition, Zipcar will operate as a subsidiary of Avis Budget Group and will continue with planned move to new headquarters in Boston, Massachusetts. Avis Budget anticipates that key members of the Zipcar management team, including Mr. Griffith and Mark Norman, President and chief operating officer, will continue to set the overall direction and run day-to-day operations of Zipcar. Avis Budget Group expects to fund the purchase price primarily with incremental corporate debt borrowings, as well as available cash. 

Company Quote

60.54
0.71 +1.19%
2:28pm EDT