- Zipcar Acquisition – On January 2, we announced that we have entered into a definitive agreement to acquire Zipcar, Inc., the world's leading car sharing network, for $12.25 per share in cash, or approximately $500 million in aggregate. The transaction is subject to approval by Zipcar shareholders and other customary closing conditions, and is expected to be completed in March or April 2013. We expect to generate $50 to $70 million in annual synergies as a result of the transaction.
- Corporate Debt Repayment – In the fourth quarter, the Company utilized available cash and the proceeds of its issuance of $300 million principal amount of 4.875% senior notes due 2017 to retire $16 million of its convertible notes due 2014 and all $325 million of its outstanding 7.75% senior notes due 2016.
- Annual Stockholders Meeting – We have scheduled our 2013 Annual Meeting of Stockholders for May 22, 2013 in Wilmington, Del. Stockholders of record as of the close of business on March 25, 2013 will be entitled to vote at the annual meeting.