Shareholder Rights Law Firm Johnson & Weaver, LLP Announces Investigation of Zipcar’s Proposed Acquisition by Avis Budget Group, Inc.
Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating
whether members of the board of directors of Zipcar, Inc. (Nasdaq:ZIP)
breached their fiduciary duties in connection with the proposed
acquisition by The Avis Budget Group, Inc.
On January 2, 2013, The Avis Budget Group announced that they had
entered into definitive merger agreements to acquire ZIP for $12.25 a
share.
The investigation will determine whether Zipcar’s Board of Directors
breached their fiduciary duties to stockholders by failing to
satisfactorily shop the Company before entering into this agreement. Jim
Baker, lead analyst for Johnson & Weaver, stated that, “Avis Budget’s
offer appears to be inadequate and not in the best interest of the
shareholders.” Baker continued, “Zipcar’s membership has been growing
steadily and in the most recent quarter the company soundly beat the
Street's expectations.” Moreover, according to Baker, “the merger
agreements appear to contain onerous deal protections that prevent
Zipcar’s Board from getting the best price for the shareholders.”
If you are a ZIP shareholder and are interested in learning more about
the investigation or your legal rights and remedies, please contact
attorney Brett Weaver (brettw@johnsonandweaver.com)
at 619-230-0063.
Johnson & Weaver, LLP is a nationally recognized shareholders’ rights
law firm. The firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit http://www.johnsonandweaver.com.
