My bet is that IDSY institutional shareholders will take no prisoners and sell this off to the $4's. If you're Avis, my advice is to sit back and wait for the $4's while they "market" rentalfleet to international companies. Nothing will happen....my bet is they get no new customers. Meanwhile, VMS and AI will continue to underperform and the balance sheet will continue to erode. In 6-9 months, buy IDSY for $6 and you've got rentalfleet for pennies on the dollar.
Would appears that AVIS hasn't changed it's synergy estimates throughout the negotiating period -- always been this $50-70M range. So, either they were or were not modeling IDSY related dynamics, from the start.
they would sell off AI before that happens and could probably get $30M+ or double what they paid for it. May actually make a sale of the company easier by doing that. I don't see volume indicating any institutions have done anything in the last 30 days. The company may have even broke even from a cash flow perspective last qtr based on announced deals.