Cendant Eyes Net Companies
Fresh from the acquisitions of Britain's National Parking Corp. and Royal Automobile Club for more than $2 billion, Cendant president and CEO Henry Silverman said May 5 that the Parsippany, NJ, company had completed the external part of its strategic growth plan for the year.
But two days later at the "@dtech" conference in Chicago, Cendant chairman Walter Forbes revealed to Reuters that the company was looking at Internet firms despite having existing online capabilities.
"I bet we do make a couple more investments and buy a couple more [Internet companies] in the next 12 months,'' Forbes said.
The closing date on Cendant's already announced tender offer for American Bankers Insurance, Miami, has been extended from May 6 to July 1 to allow the insurance regulatory process to be completed.