Tomtom
Inscrit le: 28 Sep 2003 Messages: 64 Localisation: Paris 8
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Posté le: Jeu 30 Sep, 2004 Sujet du message: Vente d'Orbitz pour $1.25B |
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http://www.eyefortravel.com/index.asp?news=43435
Definitive acquisition agreement for Cendant and Orbitz
Cendant and Orbitz have reached a definitive agreement for Cendant’s acquisition of Orbitz. Orbitz’ shares will be purchased for $27.50 per share, and the transaction is valued at approximately $1.25 billion. (9/30/2004)
The transaction has been approved by the boards of directors of both companies, but is still subject to regulatory and other approvals.
In terms of the agreement, a wholly-owned subsidiary of Cendant will commence simultaneous cash tender offers to acquire all Orbitz’ outstanding Class A and Class B shares at $27.50 per share. Any remaining shares will be acquired in a cash merger at the same price.
"The addition of Orbitz and its outstanding management team to our portfolio of travel distribution businesses immediately places Cendant in a leading competitive position in the domestic on-line travel distribution business,” comments Samual L. Katz, Chairman and Chief Executive Officer, Cendant Travel Distribution Services Division. “The transaction provides a foundation for significant synergies in technology, fulfillment and operations, which will allow both Orbitz and CheapTickets to continue to aggressively market and promote their respective brands while increasing profitability.”
He adds that the transaction will expand the capabilities of the Travel Distribution Services Division, providing more choices for consumers, suppliers, corporations and travel agents.
"The Orbitz acquisition fits perfectly with Cendant's articulated goal to be among the leaders in every business in which we participate," says Ronald L. Nelson, Cendant's Chief Financial Officer. "The transaction also meets all of our previously defined acquisition parameters: it is strategic to our Travel Distribution Services Division; it substantially strengthens our competitive position by adding management talent and enhancing our travel technology capabilities; and it is accretive within the first year of the acquisition."
Jeffrey Katz, Chairman, President and Chief Executive Officer of Orbitz, states that the transaction will deliver immediate and substantial value to all Orbitz shareholders.
“The attractive premium reflects the quality and success of our unique and profitable approach to online travel. Our employees, customers, partners and suppliers will benefit from the greater resources and opportunities afforded as part of a larger company.”
Cendant apparently intends to maintain both the Orbitz and CheapTickets businesses as differentiated consumer brands in the leisure travel sector. In the corporate travel sector, customers will be able to choose between Travelport and Orbitz for Business, using the best of what each brand has developed.
The integration plans anticipate that CheapTickets and Travelport will combine their technology platforms and operations to form a common platform with Orbitz, based in Chicago.
Assuming the transaction is completed in the fourth quarter as planned, Cendant anticipates that it will be able to offset the impact of transaction-related expenses and integration charges with the favourable settlement of certain tax matters currently under review by the IRS.
Cendant expects to update its fourth quarter outlook for this matter and other factors when it announces financial results for the third quarter on October 20 this year. |
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Zorm
Inscrit le: 22 Sep 2003 Messages: 347 Localisation: Sur le Net
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Posté le: Jeu 30 Sep, 2004 Sujet du message: Jusqu'où ira Cendant ? |
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Jusqu'où ira Cendant avec les fusions acquisitions ? Orbitz est un poids lourd et Cendant n'était pas le premier venu, l'ensemble va vraiment peser très lourd. Merci Tomtom, je n'étais pas au courant et avais un peu le nez dans le guidon avec ce Septembre débordant d'activité. _________________ Salutations - Zorm |
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