Cendant's stock can't get any respect.
The holding company, based in New York City with 85,000 employees worldwide, thinks its stock is significantly undervalued, so it will separate the business into four independent public companies in an effort to unstick the stock price.
According to Monday's announcement, the massive company will be organized into four verticals, reflecting Cendant's current lines of business: real estate, travel distribution, hospitality and the Avis and Budget vehicle rental operations.
CFO.com - Tools & Resources For Financial Executives::
essentially meaningless parent-company guarantee on bonds issued by its main subsidiary, Cendant default-swap investors reactivated their contracts.
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Spring 05 set II Ohio State University Advanced ppt Presentation::
The form of reorganization is important because it affects : The form of .. CUC-HFS December 1997 Cendant Corp. is created By merger of HFS, Inc. Ramada,
http://www.authorstream.com/Presentation/Marcell-56976-Spring-05-set-II-Ohio-State-University-Advanced-topic-Corporate-Finance-i-Education-ppt-powerpoint/HOME |
While most of the new verticals are primarily traditional businesses, the Travel Network will be stuffed with e-commerce offerings, including CheapTickets.com and Orbitz focused on the U.S. markets, and ebookers.com, HotelClub.com, RatesToGo.com, Travel 2 and Travel 4 playing similar roles in international markets.
IN THE COURT OF APPEALS OF TENNESSEE AT KNOXVILLE::
File Format: PDF/Adobe Acrobat - View as HTML for the Appellee Chattanooga. Publishing Company d/b/a Chattanooga Times Free Press. Anthony stated the reorganization and job elimination was
http://www.tsc.state.tn.us/OPINIONS/Tca/PDF/061/OatesJOPN.pdfHOME |
News of Nashville Technology::
Jan 2, 2008 Earlier, he was COO of Progeny Marketing Innovations (Cendant); The company also has created its first dedicated contact center in
http://www.nashvillepost.com/documents/NP_INS/NONT83NP010208.htmlHOME |
Cendant bought Orbitz in September 2004 for $1.25 billion. It snagged the assets that became CheapTickets.com in April 2003 for an undisclosed sum.
Italy - Skadden, Arps::
Skadden provides legal advice to Italian companies in capital markets worldwide . Cendant Corporation in relation to the acquisition of a holiday homes
http://www.skadden.com/Index.cfm?contentID=47&practiceID=39&focusID=1HOME |
"This structure removes another layer of complexity, enables the companies to have readily identifiable market comparables and preserves most of the revenue synergies among our business units," Cendant Chairman and CEO Henry Silverman said in a statement. Silverman will serve as CEO of the Travel Network.
It turned out well when Cendant made a similar move in 2004, creating three new companies through two initial public offerings and one spin-off. The share price appreciation of Jackson Hewitt, PHH Corporation and Wright Express has significantly outperformed their respective industry groupings -- and Cendant, the company said.
The reorganization will ditch the Cendant name, which lost its luster -- as did the stock -- in 1998, when the company admitted accounting irregularities.
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Cendant Reorg Creates Four Companies