Deals: Simon Says Buy Avis

Simon Says Buy Avis

Wall Street Financier William Simon is renowned for buying companies with borrowed money and then managing to reap huge profits on his in vestments. Last week he was at it again. Simon's Wesray investment firm agreed to acquire Avis, America's perennial No. 2 car-rental firm, from Beatrice. Analysts estimated the price at $250 million.

Simon, who served as U.S. Treasury Secretary under President Nixon, and his Wesray partner Raymond Chambers have put together 20 acquisitions over the past 5 1/2 years. In the Avis deal, Simon apparently outbid none other than Warren Avis. The Avis founder sold control of his company...

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