MILWAUKEE, Jan. 2, 2013 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of Zipcar, Inc. ("Zipcar" or the "Company") for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Avis Budget Group, Inc.
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Zipcar shareholders will receive $12.25 for each share in the transaction, well below Zipcar's historical trading range of more than $15.00. The merger agreement unreasonably limits prospective bids for Zipcar by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty of $16.8 million should Zipcar receive and accept a superior bid. Zipcar insiders and their affiliates own more than 33% of the voting stock of Zipcar, will receive millions of dollars as part of change of control arrangements, and therefore can unduly influence a sale of the Company not necessarily in the best interests of non-insiders. In light of these facts, our investigation centers on the conduct of Zipcar's Board of Directors, who have unanimously approved the transaction, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Zipcar.
If you own common stock in Zipcar and wish to obtain additional information, please contact Guri Ademi either at firstname.lastname@example.org or toll-free: 866-264-3995, or http://ademilaw.com/case/zipcar-inc.
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CONTACT: Ademi & O'Reilly, LLP Guri Ademi 3620 East Layton Ave. Cudahy, WI 53110 Toll Free: (866) 264-3995 Fax: (414) 482-8001 www.ademilaw.comSource:Ademi & O'Reilly, LLP