Cendant engaged in a tax-free common stock exchange with majority stockholder JELD-WEN, which owned 81% of Trendwest, and additional stockholders. The source tells GlobeSt.com that Cendant issued 48.3 million shares at a 1 to 1.2973 ratio of Cendant to Trendwatch stock for the acquisition, based on Cendant market value at that time.
The exchange ratio for issuance of Cendant common stock for the acquisition of the remaining Trendwatch common stock will also be based on Cendant stock market value. This final transaction is set to close within 30 days, says the source.
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