GARDEN CITY, NY Car rental chain Avis Group Holdings Inc. said Friday that it has formed a special committee to mull Cendant Corp. s $29 per share takeover bid.
The committee, composed of independent directors, will consider the $750 million offer Cendant made last week for the 25.6 million outstanding shares it does not already own.
Shares of Avis closed unchanged Friday at 31 7/16. Avis would not disclose when the committee plans to meet. (8/19/00)
SOURCE: CBS.MarketWatch.com