Tuesday, February 12, 8:27 AM
Avis Budget (CAR) says its deal to purchase Zipcar (ZIP) received clearance from U.S. regulators. With that hurdle out of the way, the companies expect the merger to be finalized in either March or April.
Monday, January 14, 7:41 AM
A strong majority of anti-trust experts expect U.S. regulators to approve the deal for Avis Budget (CAR) to acquire Zipcar (ZIP). Though the loss of a promising upstart disrupts the landscape, it won't be a competitive issue for the market.
Wednesday, January 2, 7:04 AM
More on Avis Budget's (CAR) purchase of Zipcar (ZIP): Scott Griffith will remain the CEO of Zipcar following the merger. The deal is expected to produce $50M to $70M a year in annual synergies and be accretive to earnings in the second year following the closing.
Wednesday, January 2, 6:46 AM
Avis Budget (CAR) buys Zipcar (ZIP) for $12.25 a share, a 49% premium over yesterday's closing price. The deal is expected to close in the spring of 2013 and will value the ride-sharing company at close to $500M.
Tuesday, November 20, 2012, 10:52 AM
Shares of Zipcar (ZIP +9.4%) pop with an upgrade from Goldman Sachs to Buy from Neutral on the books. The firm cites the growing reach of Zipcar across the U.S. and now into Canada, Spain, and the U.K. The buzz from college campuses of late is Zipcar is the option that resonates with students despite efforts by Hertz and Avis to cut in.
Comment![Consumer, On the Move]
Thursday, November 8, 2012, 6:44 PM
Zipcar (ZIP) +24.8% AH after beating Q3 estimates. Expectations were low going in - shares closed near their post-IPO low today - and the company has a heavy short interest. Total members rose 5% Q/Q and 18% Y/Y to 767K, while usage revenue/vehicle held steady at $65. Q4 revenue guidance of $67M-$71M is in-line with a $69.3M consensus. Q4 adjusted EBITDA is expected to total $4.5M-$7.5M, compared with $6.5M in Q3. (PR)
Comment![Consumer, Earnings, On the Move]