Cendant Corporation Announces Expiration of Hart-Scott-Rodino Waiting Period Relating to Its Acquisition of Orbitz, Inc.
November 02 2004 - 1:08PM
PR Newswire (US)
Cendant Corporation Announces Expiration of Hart-Scott-Rodino
Waiting Period Relating to Its Acquisition of Orbitz, Inc. NEW
YORK, Nov. 2 /PRNewswire-FirstCall/ -- Cendant Corporation
(NYSE:CD) today announced that the waiting period under the
Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended
(HSR Act), relating to its proposed acquisition of Orbitz, Inc.
(NASDAQ:ORBZ) has expired. As previously announced, Cendant's
tender offers for Orbitz currently are scheduled to expire at 12:00
midnight, New York City time, on Wednesday, November 10, 2004.
About Cendant Travel Distribution Services Cendant's Travel
Distribution Services Division is one of the world's largest and
most geographically diverse collections of travel brands and
distribution businesses. The division, employing nearly 5,000
people in more than 116 countries, includes: Galileo, a leading
global distribution system (GDS), serving more than 44,000 travel
agencies and over 60,000 hotels; hotel distribution and services
businesses (TRUST, THOR, WizCom and Neat Group); leading online
travel agencies (CheapTickets.com, Lodging.com, HotelClub.com and
RatesToGo.com); Shepherd Systems, an airline market intelligence
company; Travelwire, an international travel technology and
software company; Travel 2/Travel 4, a leading international
provider of long-haul air travel and travel product consolidator;
and Travelport, a provider of online global corporate travel
management solutions. About Cendant Corporation Cendant Corporation
is primarily a provider of travel and residential real estate
services. With approximately 90,000 employees, New York City-based
Cendant provides these services to businesses and consumers in over
100 countries. More information about Cendant, its companies,
brands and current SEC filings may be obtained by visiting the
Company's Web site at http://www.cendant.com/ or by calling
877-4INFOCD (877-446-3623). About Orbitz Orbitz is a leading online
travel company that enables travelers to search for and purchase a
broad array of travel products, including airline tickets, lodging,
rental cars, cruises and vacation packages. Since launching its Web
site to the general public in June 2001, Orbitz has become the
third largest online travel site based on gross travel bookings. On
http://www.orbitz.com/, consumers can search more than 455
airlines, as well as rates at tens of thousands of lodging
properties worldwide and at 22 car rental companies. Statements
about the expected effects on Cendant of the acquisition of Orbitz,
statements about the expected timing, certainty and scope of the
acquisition and all other statements in this release other than
historical facts are forward-looking statements. Forward-looking
statements include information about possible or assumed future
financial results and usually contain words such as "believes,"
"intends," "expects," "anticipates," "estimates," or similar
expressions. These statements are subject to risks and
uncertainties that may change at any time, and, therefore, actual
results may differ materially from expected results due to a
variety of factors, including but not limited to, the satisfaction
of the conditions to closing of the offers. We caution investors
not to place undue reliance on the forward-looking statements
contained in this press release. These statements speak only as of
the date of this press release, and we undertake no obligation to
update or revise the statements, risks or reasons. All
forward-looking statements are expressly qualified in their
entirety by this cautionary statement. This announcement is neither
an offer to purchase nor a solicitation of an offer to sell
securities of Orbitz. The tender offers are being made pursuant to
a tender offer statement and related materials. Investors and
security holders are strongly advised to read both the tender offer
statement and the solicitation/recommendation statement regarding
the tender offers referred to in this press release, because they
contain important information. The tender offer statement by
Cendant and the solicitation/recommendation statement by Orbitz
were filed on October 6, 2004 with the Securities and Exchange
Commission (SEC). Investors and security holders may obtain a free
copy of these statements and other documents filed by Cendant and
Orbitz at the SEC's Web site at http://www.sec.gov/. The tender
offer statement and related materials may be obtained for free by
directing such requests to Georgeson Shareholder Communication
Inc., 17 State Street, 10th Floor, New York, New York 10004, or by
calling toll free (888) 264-6994. DATASOURCE: Cendant Corporation
CONTACT: Kate Sullivan of Cendant Travel Distribution Services,
+1-973-496-4540; Elliot Bloom of Cendant Corporation,
+1-212-413-1832; Sam Levenson, +1-212-413-1832 or Henry A. Diamond,
+1-212-413-1920, both of Cendant Investor Relations; Jonathan Mairs
of Ogilvy Public Relations Worldwide, +1-212-880-5353, for Cendant
Corporation; Carol Jouzaitis of Orbitz Media Relations,
+1-312-894-4774; Frank Petito of Orbitz Investor Relations,
+1-312-894-4830; Steve Frankel of Abernathy McGregor,
+1-212-371-5999, for Orbitz Web site: http://www.cendant.com/
http://www.orbitz.com/
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