May. 13 at 3:33 AM
$CAR Pentwater-managed funds reported derivative sales tied to Avis Budget Group. A group of investment funds advised by Pentwater Capital Management LP filed an amended Form 4 describing open-market sales of 444 call option contracts, each representing an obligation to sell Avis common stock at specified strike prices.
The options, all expiring on May 15, 2026, have strike prices of
$400,
$360,
$350 and
$340 per share and were sold at premiums ranging from
$19.68 to
$24.08 per option. The trades are attributed to entities including Pentwater Merger Arbitrage Master Fund Ltd., Pentwater Equity Opportunities Master Fund Ltd., Pentwater Credit Master Fund Ltd., Oceana Master Fund Ltd., LMA SPC MAP 98 Segregated Portfolio and Crown Managed Accounts SPC.