Zipcar Investor Challenges $491M Avis Deal

Law360, Los Angeles (January 7, 2013, 6:11 PM EST) -- A Zipcar Inc. shareholder challenged the car-sharing company's $491 million sale to Avis Budget Group Inc. in a proposed class action filed in Massachusetts state court Friday, claiming Zipcar undervalued its stock in the deal.

Zipcar investor Robert Karrasch filed the lawsuit alleging nine Zipcar directors knowingly breached their fiduciary duties by agreeing to the sale at only $12.25 per share, failing to maximize shareholder value.

“[W]e believe this combination is a win across the board for our members, shareholders and employees,” Zipcar Chairman and CEO...
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