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Non-Tech : Cendant Corporation (NYSE:CD)

CD 7.190

-5.0%

Dec 12 9:30 AM EST

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To: 16yearcycle who wrote (128)	3/23/1998 3:22:00 AM
From: Todd D. Wiener	of 3627

Cendent Corp. Offers 673 Pence/Share For NPC AP-Dow Jones News Service LONDON -- The board of National Parking Corporation (NPC) look set to reap the benefits of modernizing and reorganizing the business, following an agreed GBP801 million from U.S. group Cendant Corp. (CD). The cash offer values each NPC share at 673 pence and represents a premium of approximately 17% to NPC's share price of 575p at the close on March 20. Cendant, a global provider of consumer and business services with a market capitalization of $30 billion, said it has received irrevocable undertakings for 72.5% of NPC's issued share capital. NPC Chief Executive Bob Mackenzie said the modernization and reorganization of NPC has virtually doubled shareholder value over the last three years. 'In addition to consideration of GBP801 million receivable under the offer, NPC's shareholders have received GBP226m from special dividends since an offer for the group was turned down in 1995,' he said. Cendant believes that NPC represents a complementary fit to its existing leading U.K. fleet and accident management and auto-related services business and to its core membership business.

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