CUC International And HFS Incorporated Announce Shareholder Approval Of The Merger
Business Wire - October 01, 1997 11:20
STAMFORD, Conn./PARSIPPANY, N.J.--(BUSINESS WIRE)--Oct. 1, 1997-- CUC International (NYSE:CU) and HFS Incorporated (NYSE:HFS) announced that at meetings held today shareholders of each company approved the merger of CUC and HFS and a related proposal regarding a new stock option and restricted stock plan. As previously announced, the merged company will be named "Cendant Corporation" and will be listed on the New York Stock Exchange as "CD." The closing of the transaction remains subject to the approval of the Federal Trade Commission. As previously stated, the companies expect the merger to be completed in the fall. Upon completion of the merger, Cendant Corporation will be the world's largest consumer and business services company, operating primarily in three segments: Membership, Travel and Real Estate. In this Membership segment, the company will provide access to travel, shopping, auto, dining, financial and other services to more than 71 million consumers worldwide through its more than 20 membership programs. In the Travel segment, Cendant will be the largest franchisor of hotels and rental car agencies, a provider of vacation timeshare exchanges and will be the second largest vehicle management company worldwide. In the Real Estate segment, Cendant will be the world's largest franchisor of residential real estate brokerage offices, the global leader in relocation and a leading provider of mortgage services to consumers.
CONTACT: HFS Inc., Parsippany
Michael H. Wargotz, 973/496-5110
or
CUC International, Stamford
Laura P. Hamilton, 203/965-5114 |
