Avis Budget Group Agrees to SRS Investment Management’s Changes to Board, Announces Share Repurchase

Schulte represented SRS Investment Management in obtaining board representation at Avis Budget Group Inc., a leading global provider of vehicle rental services. Under the terms of a cooperation agreement announced Jan. 25, 2016, a designee of SRS will be appointed to the Avis board of directors, increasing its size to 12 directors, and SRS will also be entitled to recommend an independent director not affiliated with SRS to the board. Avis also announced that its board will increase the company’s share repurchase authorization by $300 million. Avis’ largest stockholder for the last several years, SRS agreed to customary standstill and voting commitments.

Co-chairs of Schulte’s global shareholder activism practice Eleazer Klein and Marc Weingarten represented SRS Capital Management.