Ronald L. Nelson
Avis to Buy Carsharing Company Zipcar for $500 Million, Some Shareholders Not Pleased
The wonderful world of carsharing doesn't often experience a whole lot of what one might describe as "big news," but this today's one of those days where something actually appears to be afoot. Avis, the car rental company, is set to acquire Zipcar, the carsharing company, for $12.25 per share in cash. As in, around $500 million. Not everything's been sunshine and rainbows for Zipcar, and their stock has dropped significantly since their IPO. Even so, some shareholders don't appear to be too happy about the acquisition.Read on...