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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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Form 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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October 5, 1998 (October 5, 1998)
(Date of Report (date of earliest event reported))
Cendant Corporation
(Exact name of Registrant as specified in its charter)
Delaware 1-10308 06-0918165
(State or other jurisdiction (Commission File No.) (I.R.S. Employer
of incorporation or organization) Identification Number)
6 Sylvan Way
Parsippany, New Jersey 07054
(Address of principal executive office) (Zip Code)
(973) 428-9700
(Registrant's telephone number, including area code)
None
(Former name, former address and former fiscal year, if applicable)
Item 5. Other Events
Termination of Providian Acquisition Agreement. On October 5, 1998, Cendant
Corporation (the "Company") announced that it had terminated its agreement to
acquire Providian Auto and Home Insurance Company and its subsidiaries from an
Aegon N.V. subsidiary. The termination date in the acquisition agreement for the
Providian companies had previously passed on September 30, 1998. The Company
noted that several representations and covenants in the acquisition agreement
had not been fulfilled and that the conditions to closing had not been met.
Item 7. Exhibits
Exhibit
No. Description
99.1 Press Release: Cendant Corporation Terminates Agreement to Acquire
Providian Insurance Companies, dated October 5, 1998.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CENDANT CORPORATION
By: /s/ James E. Buckman
James E Buckman
Senior Executive Vice President
and General Counsel
Date: October 5, 1998
CENDANT CORPORATION
CURRENT REPORT ON FORM 8-K
Report Dated October 5, 1998 (October 5, 1998)
EXHIBIT INDEX
Exhibit
No. Description
99.1 Press Release: Cendant Corporation Terminates Agreement to Acquire
Providian Insurance Companies, dated October 5, 1998.
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
CENDANT CORPORATION TERMINATES AGREEMENT TO ACQUIRE
PROVIDIAN INSURANCE COMPANIES
PARSIPPANY, NJ, October 5, 1998 -- Cendant Corporation (NYSE:CD) today announced
it has terminated its agreement to acquire Providian Auto and Home Insurance
Company and its subsidiaries from an Aegon N.V. subsidiary. The termination date
in Cendant's agreement to acquire the Providian companies had previously passed
on September 30, 1998. Cendant noted that several representations and covenants
in the acquisition agreement had not been fulfilled and the conditions to
closing had not been met. Cendant stated that it did not pursue an extension of
the termination date of the agreement because the Providian companies no longer
met Cendant's acquisition criteria.
Cendant (NYSE:CD) is the world's premier provider of consumer and business
services. The Company operates in three principal segments: Travel Services,
Real Estate Services and Alliance Marketing. In Travel Services, Cendant is the
leading franchisor of hotels and rental car agencies worldwide; the largest
provider of vacation exchange services; a leading fleet management company, the
UK's largest private car park operator, and a leading motorist assistance group
in the UK. In Real Estate Services, Cendant is the world's largest franchisor of
residential real estate brokerage offices, a major provider of mortgage services
to consumers and a global leader in corporate employee relocation. In Alliance
Marketing, Cendant provides access to insurance, travel, shopping, auto, and
other services, primarily through direct marketing to customers of its affinity
partners. Headquartered in Parsippany, NJ, the company has more than 40,000
employees and operates in over 100 countries.
Media Contact: Investor Contact:
Elliot Bloom Dennis L. Gillen
VP, Corporate Communications VP, Investor Relations
973-496-8414 973-496-7303