Avis Receives Purchase Offer

Tue., June 4, 1996

From Staff And Wire Reports

Car renter Avis Inc. confirmed Monday it had been approached by a potential suitor, but the company wouldn’t confirm whether it was negotiating a sale to motel and real estate franchiser HFS Inc.

The Wall Street Journal reported in Monday’s editions that HFS is in preliminary talks to buy Avis.

An Avis spokeswoman said only that the employee-owned company received an unsolicited proposal by a publicly held company.

By virtue of a special class of non-voting stock convertible to a 29 percent stake, General Motors will have a big say in whether Avis is sold. Sources familiar with the talks said HFS hadn’t made an offer acceptable to GM.

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Avis Receives Purchase Offer

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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