Avis Budget Group (NASDAQ:CAR) announced it will buy Zipcar (ZIP) for about $500 million, making it the number one player in the U.S. car sharing market.
The offer of $12.25 per share in cash represents a premium of 49 percent to Zipcar's Monday closing price. The company currently controls 75 percent of the $400 million car sharing industry, which is projected to grow to $10 billion during the next several years.
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