logo
Share SHARE
FONT-SIZE Plus   Neg

Zipcar Stockholders Okay Merger With Avis - Quick Facts

Car sharing network Zipcar Inc. (ZIP), said Thursday that its stockholders approved the acquisition of the company by Avis Budget Group Inc. (CAR).

About 98% of the shares voted in favor of the adoption of the merger agreement, representing about 72% of Zipcar's outstanding shares of common stock.

The companies expect to complete the deal during the week of March 11, subject to review by UK competition authorities and other customary conditions. The deal earlier received regulatory clearance in the US.

In January, Avis agreed to acquire Zipcar for $12.25 per share in cash, representing a total transaction value of about $500 million.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
The Justice Department has initiated a probe to find out if airlines are colluding to limit seating capacity in order to benefit from higher airfares. Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud has pledged to give away his entire wealth amounting to $32 billion for charity. He said the fund will be utilized for cultural understanding, develop communities, empower women, enable youth, provide vital disaster relief and create a more tolerant and accepting world. Toyota accepted the resignation of its Chief Communications Officer Julie Hamp, following her arrest in Japan for allegedly mailing banned painkillers to her address in Japan from U.S.
comments powered by Disqus
Follow RTT