Avis Budget Reaches Agreement With SRS; Lifts Share Repurchase Authorization

(RTTNews) - Avis Budget Group, Inc. (CAR) announced it has entered into a cooperation agreement with SRS Investment Management, the company's largest stockholder, under which Brian Choi, a designee of SRS, will be appointed to the Avis Budget Group Board. SRS will also be entitled to recommend an independent director.

Avis Budget said SRS has agreed to vote all of its shares in favor of the company's nominees at the 2016 annual meeting as well as other customary standstill and voting commitments.

Avis Budget Group also announced its Board has increased the company's share repurchase authorization by $300 million.

"In light of our strong third quarter 2015 performance and expectation that our Adjusted EBITDA will be at record levels in 2015, we are pleased to increase our share repurchase authorization," said Larry De Shon, Avis Budget Group's CEO.