PARSIPPANY, N.J. (AP) Avis is buying Zipcar for $491.2 million, expanding its offerings from traditional car rentals to car sharing services.
Avis Budget Group Inc. will pay $12.25 per share, which is a 49 percent premium to the company's Friday closing price.
The companies put the total value of the deal at approximately $500 million. Zipcar Inc. has about 40.1 million outstanding shares, according to FactSet. It will become an Avis subsidiary and have headquarters in Boston.
Shares jumped more than 6 percent in premarket trading Monday. The boards of both companies unanimously approved the buyout. Avis, based in Parsippany, N.J., anticipates $50 million to $70 million in annual savings. If Zipcar shareholders approve the deal, it's expected to close in the spring.
by CBS4 Newsroom email@example.com (AP) A western Illinois man has been sentenced to 50 years in prison in the stabbing death of a Galesburg man. WGIL radio reports that Kai Lefler of Oneida wasMore >>
Kai Lefler learned his fate in a Knox County courtroom todayMore >>
by Mike Colón firstname.lastname@example.org Illinois Governor Pat Quinn announced today that almost a half million dollars in road construction projects will be coming to the area. The projects include cleaningMore >>
$487,000 in construction projects funded by Illinois Now! programMore >>
By Ashley Richmond email@example.com Last year, the Rock Island County Board voted to put a quarter-cent sales tax onto the March ballot. But the decision was not a popular one. "It was a tie voteMore >>
The estimated $3 million earned from the tax is supposed to pay for public safety services like disaster readiness, animal control, and sheriff's patrols.More >>
By: Clay LePardclepard@cbs4qc.comAs the draw down continues, big changes are expected for the Rock Island Arsenal. And they're happening quicker than you think.The Commander of the Garrison is often calledMore >>
As the draw down continues, big changes are expected for the Rock Island Arsenal. And they're happening quicker than you think.More >>