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Avis Budget Group Adopts One-Year Stockholder Rights Plan to Protect Stockholders Against “Creeping Control” by SRS Investment Management

AVIS BUDGET GROUP (CAR)  More Company Research Source: GlobeNewswire
Last avis budget group earnings: 5/2 04:15 pm Check Earnings Report
US:NASDAQ Investor Relations: ir.avisbudgetgroup.com
PDF Company’s Largest Stockholder Refuses to Renew Cooperation Agreement Expiring Today  Board Refreshment Process Underway   PARSIPPANY, N.J., Jan. 15, 2018 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQ:CAR) today announced that its Board of Directors has approved the adoption of a one-year Stockholder Rights Plan to protect the interests of all Avis Budget Group stockholders. The Rights Plan is intended to preserve the Company’s ability to evaluate and pursue all strategic actions and prevent SRS Investment Management, the Company’s largest stockholder, from obtaining effective control without paying a control premium. SRS has disclosed a 30.7% economic interest in Avis Budget Group, including voting power over 14.7% of the outstanding shares and economic exposure to an additional 16% of the outstanding shares through derivative instruments. The Company and SRS entered into a cooperation agreement in May 2017 containing standstill provisions and ownership [Read more]

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