Goldman Sachs Downgrades Zipcar (ZIP) to Neutral on Takeover Deal
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Avis Budget (CAR) to Acquire Zipcar (ZIP) in $500M Deal
January 2, 2013 6:03 AM ESTAvis Budget Group, Inc. (Nasdaq: CAR) and Zipcar, Inc. (Nasdaq: ZIP) 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... More
