NEW YORK Cendant Corp. has filed a registration statement with the SEC in connection with its previously announced plans to distribute 100% of the stock of a new company holding its individual membership and loyalty business to Cendants shareholders in a tax-free distribution.
Upon completion of the transaction, Cendant will retain the intellectual property of the individual membership and loyalty business and license it for 50 years to the new company in exchange for royalty payments in the amount of 3% of gross revenues.
Cendant expects the registration of the new companys shares and distribution of the shares to shareholders to be completed by the fall of 2001. (5/29/01)