Benzinga's M&A Chatter for Wednesday January 2, 2013
January 2, 2013 - 5:59pm
The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday January 2, 2013:
Avis to Acquire Zipcar for $12.25/Share in Cash
The Deal:Avis Budget Group (NYSE: CAR) and Zipcar (NASDAQ: ZIP) announced Wednesday that Avis Budget Group has agreed to acquire Zipcar for $12.25 per share in cash, a 49% premium over the closing price on December 31, 2012, representing a total transaction value of approximately $500 million. The transaction is subject to approval by Zipcar shareholders and other customary closing conditions, and is expected to be completed in the spring of 2013. The Boards of Directors of both companies unanimously approved the transaction, and Zipcar shareholders representing approximately 32% of the outstanding common stock have agreed to vote their shares in support of the transaction.
Zipcar closed at $12.18 Wednesday, a gain ...
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