Avis Makes An Excellent Acquisition By Acquiring Zipcar

Shares of Zipcar Inc (ZIP) rose 47.8% in Wednesday's trading session.Avis Budget Group (CAR) made a $12.25 offer per share in cash for the car sharing network company. Shareholders of Avis Budget react favorably to the proposed deal, sending shares of Avis 4.8% higher.

The Deal

Avis Budget Group announced that it has agreed to acquire Zipcar in a deal valuing the firm at approximately $500 million, or $12.25 per share. Shareholders in Zipcar stand to receive another 0.6% if the proposed deal takes place at the proposed price.

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