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Zipcar Inc (NASDAQ:ZIP) InvestorFiles Lawsuit Against Takeover By Avis Budget Group, Inc

  • If you purchased shares of Zipcar Inc (NASDAQ:ZIP) prior to January 2, 2013, and currently hold any of those NASDAQ:ZIP shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Zipcar Inc
Security
NASDAQ: ZIP

Case Name
Zipcar Deal Case 01/14/2013
Type of Lawsuit
Mergers and Acquisition
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Summary

February 26, 2013 -- Settlement proposed.
January 15, 2013 (Shareholders Foundation) -- An investor in shares of Zipcar Inc (NASDAQ:ZIP) filed a lawsuit against directors of Zipcar Inc in effort to stop the proposed takeover of Zipcar Inc by Avis Budget Group at a value of approximately $12.25 per NASDAQ:ZIP share.

The plaintiff alleges that the defendants breached their fiduciary duties owed NASDAQ:ZIP stockholders arising out of the attempt to sell the company too ceahply via an unfair process to Avis Budget Group.

On January 2, 2013, Avis Budget Group, Inc. (NASDAQ: CAR) and Zipcar, Inc. (NASDAQ: ZIP) announced that Avis Budget Group has agreed to acquire Zipcar for $12.25 per share in cash.

However, the plaintiff alleges that the $12.25-offer undervalues the company and is unfair to NASDAQ:ZIP stockholders. The plaintiff says that the defendants failed to maximize shareholder value. Indeed, NASDAQ:ZIP shares traded as high as $16.13 per share in 2012 and as high as 29.15 per share in 2011.

Furthermore, so the plaintiff, the process is also unfair to NASDAQ:ZIP stockholders. The plaintiff claims that the merger agreement includes preclusive deal protection devices that will benefit Avis Budget Group instead of Zipcar Inc and its stockholders.