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14.06.2011 08:45:53

Avis Europe agrees to $1B bid by Avis Budget

TEL AVIV (MarketWatch) -- Avis Budget Group Inc., the Parsippany, N.J., vehicle-rental specialist, agreed to acquire Avis Europe PLC for 3.15 pounds ($5.73) a share, or about $1 billion. On Monday, Avis Europe shares closed at 1.97 pounds, so the deal price indicates a premium of 60%. Avis Europe is an independent provider of car-rental services under the Avis brand via 3,100 locations in 112 countries. Avis Europe also runs the Budget brand via 950 locations in 59 countries. In a Tuesday statement, Avis Budget said that it had received irrevocable commitments from D'leteren, the Brussels auto distributor and service provider, which holds 60% of Avis Europe. And the directors of Avis Europe, which is based in Bracknell, U.K., have committed to vote their shares for the deal, Avis Budget said. Avis Budget "has long sought to own" Avis Europe, CAR Chairman and Chief Executive Ronald L. Nelson said in the statement. The deal reunites the global operations of Avis and Budget in one place and should create more than $30 million a year of operating synergies, he said. Morgan Stanley and Citigroup are advising Avis Budget on the deal.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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