SAN DIEGO--(BUSINESS WIRE)--Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating whether members of the board of directors of Zipcar, Inc. (Nasdaq:ZIP) breached their fiduciary duties in connection with the proposed acquisition by The Avis Budget Group, Inc.
On January 2, 2013, The Avis Budget Group announced that they had entered into definitive merger agreements to acquire ZIP for $12.25 a share.
The investigation will determine whether Zipcar’s Board of Directors breached their fiduciary duties to stockholders by failing to satisfactorily shop the Company before entering into this agreement. Jim Baker, lead analyst for Johnson & Weaver, stated that, “Avis Budget’s offer appears to be inadequate and not in the best interest of the shareholders.” Baker continued, “Zipcar’s membership has been growing steadily and in the most recent quarter the company soundly beat the Street's expectations.” Moreover, according to Baker, “the merger agreements appear to contain onerous deal protections that prevent Zipcar’s Board from getting the best price for the shareholders.”
If you are a ZIP shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact attorney Brett Weaver (firstname.lastname@example.org) at 619-230-0063.
Johnson & Weaver, LLP is a nationally recognized shareholders’ rights law firm. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com.