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Wednesday, January 2, 2013

Avis Budget to purchase Zipcar for $500 mln, (NASDAQ: CAR)

Car rental company Avis Budget Group Inc said it will purchase U.S. car-sharing company Zipcar Inc for about $500 million in cash. The offer of $12.25 per share is at a premium of 49 percent to Zipcar's Monday close.

Avis Budget Group, Inc. (Avis Budget) operates two brands in the global vehicle rental industry through Avis and Budget. Shares of CAR remained unchanged at $19.82. In the past year, the shares have traded as low as $10.59 and as high as $20.49. On average, 1253920 shares of CAR exchange hands on a given day and today's volume is recorded at 0.