In a 13D filing with the Securities and Exchange Commission, Karthik Sarma‘s SRS Investment Management reiterated its position in Avis Budget Group Inc. (NASDAQ:CAR). SRS reported holding 9.50 million shares, the stake amassing 9.5% of the company’s outstanding stock. In addition, the filing stated:
“On January 25, 2016, the Investment Manager, along with the Funds (collectively, the “SRS Parties”), entered into a cooperation agreement with the Issuer (the “Cooperation Agreement”) whereby the parties agreed, among other things, and subject to certain conditions, that: (i) the Issuer will increase the size of the Board to twelve directors and appoint Brian Choi, a senior employee of the Investment Manager, to the Board no later than two business days following the execution and delivery of the Cooperation Agreement; (ii) the Issuer will increase the size of its Board and appoint a reasonably acceptable additional independent director recommended by the SRS Parties (the “Subsequent New Director” and, together with Mr. Choi, the “New Directors”); (iii) the Company will include the previously appointed New Directors in its slate of nominees for election as directors at the 2016 annual meeting of stockholders (the “2016 Annual Meeting”) and on certain committees of the Board; (iv) the SRS Parties will abide by certain standstill provisions during the Standstill Period (as defined in the Cooperation Agreement); and (v) the SRS Parties will vote their shares of Common Stock in favor of the Issuer’s nominees and other ordinary course proposals at the 2016 Annual Meeting.”
You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| SRS INVESTMENT MANAGEMENT, LLC2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (b) | 9,500,000 | 9,500,000 | 9,500,000 | 9.5% | ||
| KARTHIK R. SARMA2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (b) | 9,500,000 | 9,500,000 | 9,500,000 | 9.5% |
Follow Karthik Sarma's SRS Investment Management
Page 1 of 7 SEC Filing
| SECURITIES AND EXCHANGE COMMISSION | |
| Washington, D.C. 20549 | |
| SCHEDULE 13D | |
| Under the Securities Exchange Act of 1934 | |
| AVIS | |
| (Name of Issuer) | |
| Common | |
| (Title of Class of Securities) | |
| 053774105 | |
| (CUSIP Number) | |
| David SRS Investment One Bryant 39th New York, (212) with Marc Eleazer Schulte 919 Third New York, (212) | |
| (Name, Address and Telephone Number of Person | |
| Authorized to Receive Notices and Communications) | |
| January | |
| (Date of Event Which Requires Filing of This Statement) | |
If the filing person has previously
filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule
because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box. [X]
(Page 1
of 7 Pages)
______________________________
* The remainder of this cover
page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder
of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act
of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other
provisions of the Act (however, see the Notes).
