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AVIS BUDGET GROUP, INC.·4

Mar 20, 9:30 PM ET

Pentwater Capital Management LP 4

Research Summary

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Updated

Avis Budget (CAR): Pentwater Capital (10% Owner) Exercises Options

What Happened
Pentwater Capital Management LP (reporting as a 10% owner) exercised multiple in‑the‑money derivatives on March 18–19, 2026, resulting in the acquisition of 1,032,900 Avis Budget (CAR) shares for aggregate cash of approximately $121,907,500. Major exercises include 508,500 shares at $110 ($55,935,000), 371,700 at $125 ($46,462,500), 102,400 at $130 ($13,312,000), 32,400 at $125 ($4,050,000), 13,800 at $120 ($1,656,000) and 4,100 at $120 ($492,000). The filing also shows several derivative dispositions reported at $0 consideration (10,329 shares total) and a very small open‑market purchase (211 shares for $5,225) and sale (211 shares for $2,597).

Key Details

  • Transaction dates: March 18–19, 2026; Form 4 filed March 20, 2026.
  • Exercise strikes/prices & values (selected): 508,500 @ $110 = $55,935,000; 371,700 @ $125 = $46,462,500; 102,400 @ $130 = $13,312,000; 32,400 @ $125 = $4,050,000; 13,800 @ $120 = $1,656,000; 4,100 @ $120 = $492,000. Total cash paid ≈ $121.9M.
  • Small open‑market trades: bought 211 shares @ $24.76 ($5,225) and sold 211 shares @ $12.31 ($2,597).
  • Derivative dispositions at $0: 10,329 shares reported disposed with $0 consideration.
  • Shares owned after transaction: not provided in the data shown.
  • Footnotes: PCM and Matthew Halbower filed together; PCM is adviser to Pentwater Funds and disclaims beneficial ownership except to extent of pecuniary interest (F1). Reported derivatives were exercisable at any time (F2).

Context
These are option/derivative exercises by a 10% institutional owner (investment adviser managing funds), not an individual executive. Exercises required cash payment equal to the strike × shares (i.e., a large cash outlay). The filing lists some derivative dispositions at $0 and tiny open‑market trades; Form 4s sometimes reflect share withholding, surrender, or administrative transactions but the filing does not explain the $0 dispositions. The Form 4 was filed March 20, within the normal two‑business‑day window after the March 18–19 activity.