Zipcar Stockholders Approve Avis Budget’s Acquisition of Company
Stockholders of car sharing network Zipcar, Inc. have approved Avis Budget Group, Inc.’s proposed acquisition of the company. Approximately 98 percent of the shares voted at a special meeting this week were voted in favor of the adoption of the merger agreement, representing approximately 72 percent of Zipcar's outstanding shares of common stock as of the record date for the meeting.
The companies anticipate that the transaction will be completed during the week of March 11, subject to review by U.K. competition authorities and other customary closing conditions. The transaction has previously received regulatory clearance in the United States.
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