Avis makes $491-mn offer to acquire Zipcar

Avis Budget Group Inc agreed to buy US car-sharing company Zipcar Inc for $491 million, targeting consumers looking for an alternative to owning their own auto.

Zipcar’s board agreed to a bid of $12.25 a share, the Parsippany, New Jersey-based Avis Budget’s said today in a statement. The offer, which has been accepted by holders of 32 per cent of Zipcar’s shares, is 49 per cent higher than the Cambridge, Massachusetts-based company’s December 31 closing price.