Car-sharing pioneer Zipcar to be acquired by rental company Avis Budget

Discussion in 'Avis | First/Preferred' started by sobore, Jan 2, 2013.  |  Print Topic

  1. sobore
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    sobore Gold Member

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    http://www.bizjournals.com/boston/blog/mass_roundup/2013/01/avis-budget-zipcar-acquisition.html

    Zipcar (Nasdaq: ZIP) and Avis Budget Group Inc. (Nasdaq: CAR) have agreed to an acquisition valued at $500 million. Zipcar, founded in 2000, pioneered urban car sharing, in which subscribers pay for access to a fleet of cars as an alternative to owning their own.

    The agreed-upon acquisition price of $12.25 per share represents a 49 percent premium over Zipcar's Dec. 31 closing price, according to the companies' news release announcing the acquisition, Wednesday morning. However, it's well off the stock's peak, which according to Bloomberg hit $29.27 on April 19, 2011, six days after Zipcar's IPO. In its IPO, Zipcar priced shares at $18.

    Read More: http://www.bizjournals.com/boston/blog/mass_roundup/2013/01/avis-budget-zipcar-acquisition.html
     
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  2. uggboy
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    uggboy Gold Member

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    Avis / Budget still wants to grow, sounds like great news for them, especially as they acquire " innovation " here.
     
  3. HaveMilesWillTravel
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    HaveMilesWillTravel Gold Member

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    Not sure I like this. We shall see if this helps broaden the zip car network.
     
  4. dream7
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    dream7 Silver Member

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    It has to be better than what Zipcar offers right now.
     
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