August 30, 2006
* Cendant Corp., a travel, leisure and real estate company founded in 1997, changed its name to Avis Budget Group Inc., completing its breakup into four parts. The company's shareholders approved the name change, to take effect Friday. * Microsoft Corp. will begin selling its new Windows Vista operating system for $100 to $399 and will make the program available Jan. 30, according to Amazon.com Inc.'s website.
July 1, 2006 |
Cendant Corp. has agreed to sell its travel services division to an affiliate of private equity firm Blackstone Group for about $4.3 billion in cash, scrapping plans to spin off the unit. The New York-based company said Friday that it expected to complete the sale of Travelport, which owns the Orbitz online travel agency and Cheaptickets.com, in August. Shares of Cendant rose 52 cents, or 3.3%, to $16.29. The move is part of a plan announced in October to split Cendant into four companies.
April 25, 2006 |
Cendant Corp. said Monday that it was considering selling its travel services division, including the Orbitz and CheapTickets websites, to help pay down debt. The unit could fetch as much as $4.5 billion, sources familiar with the situation said. A sale would be an alternative to a planned spinoff, part of a break-up announced by Cendant last year aimed at boosting the company's stock performance and reversing more than a decade of acquisitions.
March 16, 2006 |
Prosecutors said they planned to try former Cendant Corp. Chairman Walter Forbes for a third time on charges that he participated in a massive fraud that cost the company and investors more than $3 billion. Forbes' first two trials ended in mistrials after jurors could not reach a verdict. Forbes had argued that he did not know about the fraud. U.S. District Judge Alvin W. Thompson, who heard both trials, said the third trial probably would take place before a different judge.
February 15, 2006 |
U.S. prosecutors told a federal judge they were preparing to try former Cendant Corp. Chairman Walter Forbes on accounting fraud charges for a third time after two trials resulted in hung juries. U.S. District Judge Alvin Thompson declared a mistrial for a second time on Feb. 9 after jurors in Hartford, Conn., deadlocked on four counts against Forbes, 63. Thompson had a conference call Tuesday with prosecutors and defense attorneys for Forbes, who testified at both trials and denied wrongdoing.
February 14, 2006 |
Cendant Corp., owner of Orbitz and the car rental business Avis, said fourth-quarter net income rose 50% on the sale of a unit. The conglomerate cut its 2006 profit forecast, sending the shares down 2.9% after hours. Net income rose to $537 million, or 53 cents a share, from $357 million, or 33 cents, a year earlier. Sales increased 7.2% to $4.32 billion, New York-based Cendant said. Excluding costs and one-time gains, profit was 23 cents, matching analysts' estimates.