Search
 

Cendant Buys 90% of Trendwest for $1B

NEW YORK CITY-Travel and real-estate services provider Cendant Co. yesterday traded 48.3 million of its own shares for 90% of the outstanding stock in timeshare company Trendwest Resorts. Cendant will acquire the remainder of Trendwest's common stock within 30 days, GlobeSt.com is told.

By Michael Gilliard | Updated on May 02, 2002

NEW YORK CITY-Travel and real-estate services provider Cendant Co. has signed a definitive merger agreement with timeshare company Trendwatch Resorts. The first step in the acquisition was completed yesterday, as Cendant acquired 90% of Trendwatch common stock for $925 million in Cendant issuance and absorbed $75 million of Trendwatch debt, sources close to the deal tell GlobeSt.com.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.