CUC/HFS Merger Results in Divestiture of Interval International
Business Wire - September 23, 1997 16:48
MIAMI--(BUSINESS WIRE)--Sept. 23, 1997--The proposed merger between HFS and CUC may result in the possible divestiture of Interval International.
The FTC has raised concerns regarding HFS' ownership of Interval's primary competitor, RCI, and CUC's ownership of Interval International and the potential monopoly common ownership would create. As such, CUC has stated their intent to sell Interval International and has retained Goldman Sachs to assist during the bidding process.
In order for the merger of CUC and HFS to close, Interval may be sold. A number of companies are expected to bid on Interval and final bids are expected September 23.
Since Interval was formed in 1976, it has led the timeshare-exchange business in terms of technological advancements and has developed a number of industry milestones, including the first resort rating system, the first membership trial and upgrade programs, the first interactive Web site, and the first CD-ROM resort directory. This commitment to innovation and providing the highest service levels in the industry is the reason such prestigious brand names as Marriott, Disney, Hyatt, and leading independents have selected Interval as their exchange partner. At every stage of Interval's evolution, the company has offered clients new products, leading technology and personal service that helped earn Interval the reputation as The Quality Vacation Exchange Network.
Over the next several weeks, a number of articles will be written on the merger of CUC and HFS, and its impact on the vacation ownership industry. For comment on the merger and the future of the vacation ownership exchange business, please contact Interval International.
All media inquiries should be directed to Jan Wyatt at 800/622-1861.
CONTACT: Interval International
Jan Wyatt, 800/622-1861
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