San Diego Car Rentals to Buy Rent-A-Wreck
From Bloomberg News
Rent-A-Wreck Inc. said it was being bought by closely held San Diego Car Rentals Inc. in a transaction expected to close in November.
Holders of Rent-A-Wreck stock will receive 36 cents a share in cash for each share of common stock they own, and 86 cents in cash for each preferred share, Owings Mills, Md.-based Rent- A-Wreck said.
Pending approval of the sale, Car Rentals Chief Executive Thomas Gruber will become CEO of Rent-A-Wreck and its sole director. He would replace Kenneth Blum Sr., who is retiring, Rent-A-Wreck spokesman Jason Manelli said.
Rent-A-Wreck shares, which are very thinly traded over the counter, closed at 35 cents, up from 18 cents when they were last traded Oct. 4.
