- SRS Investment Management, the biggest investor in Avis Budget (NASDAQ:CAR), is pressing for a board shakeup that would give it three more seats.
- That means seeking five total seats on a 12-member board, including the two it added in a 2016 deal.
- SRS controls 14.7% of voting shares and another 16% in derivatives; the company set up a poison pill last month to block SRS from exceeding 15% of voting stock.
- Amid increasing tension between the two, Avis says it offered SRS a third director and a say in changes, and signals it's open to a deal by warning about SRS influence on any transaction it might come to.
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CAR is up 1% in after-hours trade.