Kirkland Reps Avis In $500M Zipcar Buy

Law360, New York (January 2, 2013, 12:01 PM EST) -- Rental car leader Avis Budget Group Inc. has agreed to buy Zipcar Inc., the largest car-sharing company in the world, for roughly $500 million in cash, the New Jersey-based Avis said Wednesday.

Avis will pay Zipcar stakeholders $12.25 per share in cash, a 49 percent premium over the target's Tuesday closing price of $8.24 on the Nasdaq. The parties said they expected to finalize the deal in spring 2013.

Avis said both parties' boards have approved the deal. A group of Zipcar shareholders who collectively hold...
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