GARDEN CITY, NY Avis Group Holdings has designated February 28, 2001, as the date of a special shareholder meeting to vote on adoption of the Agreement and Plan of Merger, dates as of November 11, 2000, by and among Cendant Corp., PHH Corp., Avis Acquisition Corp. and Avis Group Holdings. Assuming a favorable shareholder vote, the transaction is expected to close on March 1. Shareholders of record as of January 24, 2001 are entitled to recieve notice of, and vote at the special meeting.
The Agreement and Plan of Merger provides for Cendant to acquire all of the outstanding shares of Avis Group that are not currently owned by Cendant at a price of $33.00 per share in cash. (1/24/01)