Hedge funds have been a big part of corporations’ decisions to pursue M&A and shake up strategy, and we’re closing out the holidays with yet another big mover: it’s Avis, the car rental company. The stock rose nearly 10 percent on news that a hedge fund bought in and volume rose higher than it has been in months for Avis. With PetSmart’s buyout, activists could agitate for a sale — or they could just push Avis to do more to keep pace with its top competitor, Hertz, which raised prices Tuesday. While Avis’ 60 percent gains this year are nothing to sniff at, it may need to fend off an ‘Uber’ competitor next.
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