SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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Form 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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October 5, 1999 (September 30, 1999)
(Date of Report (date of earliest event reported))
Cendant Corporation
(Exact name of Registrant as specified in its charter)
Delaware 1-10308 06-0918165
(State or other jurisdiction (Commission File No.) (I.R.S. Employer
of incorporation or Identification Number)
organization)
9 West 57th Street
New York, NY 10019
(Address of principal (Zip Code)
executive) office)
(212) 413-1800
(Registrant's telephone number, including area code)
None
(Former name, former address and former fiscal year, if applicable)
Item 5. Other Events
Except as expressly indicated or unless the context otherwise requires,
"Cendant", "we", "our", or "us" means Cendant Corporation, a Delaware
Corporation, and its subsidiaries
New Real Estate Portal - CompleteHome.com. On September 30, 1999, we
announced that our board of directors approved a plan to create a new class of
common stock to track the performance of our new real estate portal to be named
CompleteHome.com. We reached this decision after studying various strategic
alternatives to create shareholder value. Goldman Sachs acted as our financial
advisor. Later this year, we intend to file a proxy statement with the
Securities and Exchange Commission, which will contain financial details, as
well as more specific plans concerning the transaction. We also announced the
appointment of Sarah Nolan as chief executive officer of CompleteHome.com.
The plan to create a tracking stock, which is subject to shareholder
approval, anticipates the initial public offering of CompleteHome.com in the
second quarter of 2000. Beginning in the third quarter of 1999, we will provide
footnote disclosure of CompleteHome.com's earnings information within our
financial statements.
CompleteHome.com - which is expected to become fully functional in
December of this year - will integrate and greatly enhance the online efforts of
our residential real estate brands (CENTURY 21(R), COLDWELL BANKER(R) and
ERA(R)) and those of our real-estate business units (Cendant Mobility and
Cendant Mortgage), drawing on the success of the Rent Net online apartment guide
business model. Rent Net's operations are currently being expanded as the
technology fulcrum for CompleteHome.com, which is headquartered in San
Francisco.
For a more detailed description of the announcement, reference is made
to Exhibit 99.1 which is incorporated herein by reference in its entirety.
Item 7. Exhibits
Exhibit
No. Description
- -------- -----------------------------------------------------------------
99.1 Press Release: Cendant Corporation Announces Plans to Create
Tracking Stock For New Real Estate Portal; Names Sarah Nolan
as CEO.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CENDANT CORPORATION
By: /s/ James E. Buckman
James E. Buckman
Vice Chairman
and General Counsel
Date: October 5, 1999
CENDANT CORPORATION
CURRENT REPORT ON FORM 8-K
Report Dated October 5, 1999 (September 30, 1999)
EXHIBIT INDEX
Exhibit
No. Description
- -------- -----------------------------------------------------------------
99.1 Press Release: Cendant Corporation Announces Plans to Create
Tracking Stock For New Real Estate Portal; Names Sarah Nolan
as CEO.