Cendant shareholders on Aug. 29 approved
changing the company's name to Avis Budget Group. The company's
stock is scheduled to begin trading Sept. 5 on the New York Stock
Exchange under the symbol CAR.
The action, one of
several taken at Cendant's annual shareholders' meeting in East
Hanover, N.J., followed the completion of Cendant's separation plan
with the closing of the sale of Travelport to affiliates of the
Blackstone Group for $4.3 billion in cash on Aug. 23.
The metamorphosis
means that the former Cendant business lines now consist of three
independent public companies -- Realogy, Wyndham Worldwide and Avis
Budget Group -- and one privately held enterprise,
Travelport.
Among other votes,
shareholders also elected directors to the Avis Budget Group board,
named an auditor and endorsed a 1-for-10 reverse stock split of the
company's common stock.
The last action
reduced the number of company shares, increasing the stock's
per-share price.
To
contact reporter Dennis Schaal, send e-mail to [email protected].