April 16, 2018 / 12:38 PM / 11 days ago

BRIEF-Avis Budget Group Enters Into New Cooperation Agreement With SRS Investment Management

April 16 (Reuters) - Avis Budget Group Inc:

* AVIS BUDGET GROUP ENTERS INTO NEW COOPERATION AGREEMENT WITH SRS INVESTMENT MANAGEMENT

* AVIS BUDGET GROUP INC - COMPANY TO TERMINATE SHAREHOLDER RIGHTS PLAN

* AVIS BUDGET GROUP INC - SRS AGREES TO SUPPORT ALL COMPANY NOMINEES AT 2018 ANNUAL MEETING

* AVIS BUDGET GROUP INC - JAGDEEP PAHWA AND CARL SPARKS APPOINTED TO BOARD

* AVIS BUDGET GROUP INC - APPOINTMENT OF JAGDEEP PAHWA AND CARL SPARKS EFFECTIVE APRIL 20, 2018 WILL TEMPORARILY EXPAND BOARD TO 14 MEMBERS

* AVIS BUDGET GROUP INC - SRS INVESTMENT MANAGEMENT WILL BE PERMITTED TO INCREASE ITS EQUITY OWNERSHIP STAKE IN COMPANY TO 20% OF SHARES OUTSTANDING

* AVIS BUDGET GROUP INC - COMPANY’S SLATE FOR ELECTION AT 2018 ANNUAL MEETING ALSO INCLUDES GLENN LURIE AND FRANCIS SHAMMO, NEW INDEPENDENT NOMINEES

* AVIS BUDGET GROUP INC - COUPLED WITH ADDITION OF LURIE AND SHAMMO, WILL REDUCE SIZE OF BOARD TO 13 DIRECTORS

* AVIS BUDGET GROUP - AGREED THAT AT 2019 ANNUAL MEETING, ONE INCUMBENT DIRECTOR WILL NOT STAND FOR REELECTION, REDUCING SIZE OF BOARD TO 12 DIRECTORS

* AVIS BUDGET - SRS AGREED TO STANDSTILL & VOTING COMMITMENTS BEGINNING ON DATE OF NEW COOPERATION AGREEMENT AND ENDING ON EARLIER OF JANUARY 25, 2020 Source text for Eikon: Further company coverage:

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