GARDEN CITY, NY Avis Group Holdings announced that January 24, 2001 is the record date for determination of shareholders entitled to receive notice of, and vote at, a special meeting regarding the adoption of the Agreement and Plan of Merger, dated as of November 11, 2000, and among Cendant Corp., PHH Corp., Avis Acquisition Corp. and Avis Group Holdings. A date for the special meeting has not yet been determined.
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. (1/15/01)