We like car sharing and maintain that it's a pretty good idea. A lot of people don't need to own a car but they often need access to a car for beer runs, lunch trips to Ikea and the like.
Zipcar, one of the leaders in Toronto, has been acquired by Avis Budget Group for a walloping $500 million in cold hard cash. That's at $12.25 per share, a 49% premium over last Monday's closing price of $8.24.
How this will affect Zipcar's service and the car sharing market in Toronto overall will remain to be seen.
Via Business Insider.