A lawsuit was filed for investors in shares of Zipcar Inc (NASDAQ:ZIP) in effort to block the proposed takeover and NASDAQ:ZIP stockholders should contact the Shareholders Foundation at email@example.com
San Diego, CA -- (SBWIRE) -- 01/15/2013 -- 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.
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 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.
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