Cendant to Pay Cash for Fairfield
By: Yahoo Finance
(31-03-2001)
NEW YORK (Reuters) - Cendant Corp. (NYSE:CD - news), the world's biggest hotel franchiser, on Friday said it will now pay entirely in cash to acquire time-share resort operator Fairfield Communities (NYSE:FFD - news), a deal it valued at about $690 million.
Cendant, whose brands include Century 21 realtors and the Days Inn hotel chain, said it would pay Fairfield shareholders $16 for each Fairfield share.
Previously, Cendant said it planned to pay $15 a share in a combined cash-stock deal worth $635 million.
Cendant said it expects the transaction to close on April 2, after a meeting of Fairfield stockholders.
Cendant's stock, which has traded in a range of $8.19 to $19.50 over the past 52 weeks, was unchanged at $14.50 early Friday on the New York Stock Exchange.
Shares of Fairfield, which manages resort properties at 33 locations in 12 states and the Bahamas, gained 24 cents to $15.99 on the NYSE.
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