An investigation on behalf of investors of Zipcar Inc (NASDAQ:ZIP) in connection with the proposed takeover was announced and NASDAQ:ZIP stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 01/07/2013 -- An investigation on behalf of investors in Zipcar Inc (NASDAQ:ZIP) shares was announced concerning whether the offer by Avis Budget Group, Inc to acquire Zipcar Inc for a value of approximately $12.25 per NASDAQ:ZIP share and the takeover process are unfair to investors in NASDAQ:ZIP shares.
Investors who purchased shares of Zipcar Inc (NASDAQ:ZIP) prior to January 2, 2013, and currently hold any of those NASDAQ:ZIP shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Zipcar Inc breached their fiduciary duties owed NASDAQ:ZIP investors in connection with the proposed acquisition.
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, NASDAQ:ZIP shares traded as high as $16.13 per share in 2012 and as high as 29.15 per share in 2011
Therefore the investigation a law firm concerns whether the proposed transaction is unfair to NASDAQ:ZIP stockholders.
Specifically, given that certain Zipcar shareholders representing approximately 32% of the outstanding common stock have already agreed to vote their shares in support of the transaction, the investigation focuses on whether the Zipcar Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Those who are current investors in Zipcar Inc (NASDAQ:ZIP), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego