Cendant Corporation Extends Cash Tender Offer for American Bankers Insurance Group

Strategic Insights -

Cendant Corporation has extended its cash tender offer to purchase approximately 23.5 million common shares of American Bankers Insurance Group at a price of $67 per share. The offer, which began on January 28, 1998, has been extended through September 1, 1998, allowing more shareholders to participate in the acquisition. As of July 27, 1998, over 28 million shares had been tendered, including 4 million shares tendered through notices of guaranteed delivery. The transaction is part of Cendant's strategy to expand its services and operations globally.

Key Takeaways:

  • Cendant Corporation has extended its cash tender offer to purchase approximately 23.5 million common shares of American Bankers Insurance Group at a price of $67 per share.
  • The offer began on January 28, 1998, and was initially set to expire on August 3, 1998, but has been extended through September 1, 1998.
  • As of July 27, 1998, 28,281,722 shares of American Bankers' stock had been tendered to Cendant under the terms of the tender offer.
  • The most notable investor groups participating in the tender offer are Lehman Brothers and Merrill Lynch & Co.
  • The Information Agent for the Cendant offer is Innisfree M&A Incorporated.
  • Cendant's acquisition strategy targets the expansion of its services and operations globally.
  • The company operates in three principal segments: Alliance Marketing, Travel and Real Estate Services.
  • Cendant is the world's premier provider of consumer and business services and has nearly 40,000 employees, operates in over 100 countries, and makes more than 100 million customer contacts annually.

Statistics:

  • The cash tender offer is valued at approximately $1.56 billion.
  • Cendant has purchased 28,281,722 shares as of July 27, 1998.
  • The company operates in over 100 countries worldwide.
  • Cendant makes more than 100 million customer contacts annually.
  • The company has nearly 40,000 employees worldwide.
  • The tender offer price is $67 per share.

Sources:

  • "Cendant Corporation Extends Cash Tender Offer for American Bankers Insurance Group" - Business Wire, July 27, 1998
  • Cendant Corporation.