Cendant Cancels Providian Merger

Share this content:
Membership services direct marketer Cendant, Parsippany, NJ, has terminated its agreement to acquire Providian Auto and Home Insurance Co., Frazer, PA, because conditions to closing the acquisition had not been met.


HFS Inc., which merged with CUC International to form Cendant, originally agreed to acquire Providian on Dec. 12, 1997, for $219 million in cash. Cendant chose not to extend the termination date of the agreement, saying that Providian no longer met its acquisition criteria. Providian sells insurance through direct response channels.


Cendant has completed just one acquisition -- of National Parking Corp. Ltd. -- since the disclosure of accounting irregularities in April and the subsequent restatement of earnings. Acquisitions of American Bankers Insurance and the Royal Automobile Club are pending.

Sign up to our newsletters

Company of the Week

Brightcove is the world's leading video platform. The most innovative and respected brands confidently rely on Brightcove to solve their most demanding communication challenges because of the unmatched performance and flexibility of our platform, our global scale and reliability, and our award-winning service. With thousands of customers and an industry-leading suite of cloud video products, Brightcove enables customers to drive compelling business results.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above