NEW YORK Liberty Media increased its ownership stake in Cendant Corp. by a net 6.4 million shares following the shakeout from a series of previously announced transactions. Liberty Medias entire ownership stake in Cendant is now 6.33%, or 46.15 million shares.
The boosted ownership stake comes from a string of transactions relating to Cendant common stock that were announced on November 20 and detailed in a November 22 Liberty Media 13D Securities and Exchange Commission filing.
Among the transactions contained in the filing: Liberty bought 4.1 million shares of Cendant from Cendant for $50 million, or $12.34 a share; Liberty also swapped 29 million warrants on Cendant common stock for 2.3 million Cendant common stock shares; and, as part of a financial collar secured with Cendant common shares, Liberty Media bought 19.8 million shares of Cendant common stock from Lehman Brothers for $206.7 million, or $10.44 a share, which it intends to sell back to Lehman at the same price on May 17, 2001. (11/28/00)
Source: CBS.MarketWatch