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Stock Market & Financial Investment News

News Breaks
January 2, 2013
06:03 EDTCAR, ZIPAvis Budget to acquire Zipcar for $12.25 per share in cash
Avis Budget (CAR) and Zipcar (ZIP) announced that Avid Budget 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 $500M. 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. Avis Budget expects to generate $50M-$70M in annual synergies as a result of the transaction. In particular, Avis Budget expects significant cost reductions across the fleet life cycle, in addition to savings from eliminating Zipcar's public-company costs.
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