Zipcar Inc. (ZIP: Quote) announced Wednesday morning that it agreed to be acquired by Avis Budget Group (CAR: Quote) for $12.25 per share in cash, representing a total transaction value of approximately $500 million.
Zipcar gapped open sharply higher Wednesday, but moved in a narrow range throughout the session. The stock closed up by 3.94 at $12.18 on the highest volume of the year. Zipcar leaped to a 6-month high and re-crossed its 200-day moving average.
by RTT Staff Writer
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