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Cendant Corporation Announces Expiration of Hart-Scott-Rodino
Waiting Period Relating to Its Acquisition of Orbitz, Inc.
NEW YORK, Nov. 2 /PRNewswire-FirstCall/ -- Cendant Corporation (NYSE:CD)
today announced that the waiting period under the Hart-Scott-Rodino Antitrust
Improvement Act of 1976, as amended (HSR Act), relating to its proposed
acquisition of Orbitz, Inc. (NASDAQ:ORBZ) has expired. As previously
announced, Cendant's tender offers for Orbitz currently are scheduled to expire
at 12:00 midnight, New York City time, on Wednesday, November 10, 2004.
About Cendant Travel Distribution Services
Cendant's Travel Distribution Services Division is one of the world's largest
and most geographically diverse collections of travel brands and distribution
businesses. The division, employing nearly 5,000 people in more than 116
countries, includes: Galileo, a leading global distribution system (GDS),
serving more than 44,000 travel agencies and over 60,000 hotels; hotel
distribution and services businesses (TRUST, THOR, WizCom and Neat Group);
leading online travel agencies (CheapTickets.com, Lodging.com, HotelClub.com
and RatesToGo.com); Shepherd Systems, an airline market intelligence company;
Travelwire, an international travel technology and software company; Travel
2/Travel 4, a leading international provider of long-haul air travel and travel
product consolidator; and Travelport, a provider of online global corporate
travel management solutions.
About Cendant Corporation
Cendant Corporation is primarily a provider of travel and residential real
estate services. With approximately 90,000 employees, New York City-based
Cendant provides these services to businesses and consumers in over 100
countries. More information about Cendant, its companies, brands and current
SEC filings may be obtained by visiting the Company's Web site at
http://www.cendant.com/ or by calling 877-4INFOCD (877-446-3623).
About Orbitz
Orbitz is a leading online travel company that enables travelers to search for
and purchase a broad array of travel products, including airline tickets,
lodging, rental cars, cruises and vacation packages. Since launching its Web
site to the general public in June 2001, Orbitz has become the third largest
online travel site based on gross travel bookings. On http://www.orbitz.com/,
consumers can search more than 455 airlines, as well as rates at tens of
thousands of lodging properties worldwide and at 22 car rental companies.
Statements about the expected effects on Cendant of the acquisition of Orbitz,
statements about the expected timing, certainty and scope of the acquisition
and all other statements in this release other than historical facts are
forward-looking statements. Forward-looking statements include information
about possible or assumed future financial results and usually contain words
such as "believes," "intends," "expects," "anticipates," "estimates," or
similar expressions. These statements are subject to risks and uncertainties
that may change at any time, and, therefore, actual results may differ
materially from expected results due to a variety of factors, including but not
limited to, the satisfaction of the conditions to closing of the offers. We
caution investors not to place undue reliance on the forward-looking statements
contained in this press release. These statements speak only as of the date of
this press release, and we undertake no obligation to update or revise the
statements, risks or reasons. All forward-looking statements are expressly
qualified in their entirety by this cautionary statement.
This announcement is neither an offer to purchase nor a solicitation of an
offer to sell securities of Orbitz. The tender offers are being made pursuant
to a tender offer statement and related materials. Investors and security
holders are strongly advised to read both the tender offer statement and the
solicitation/recommendation statement regarding the tender offers referred to
in this press release, because they contain important information. The tender
offer statement by Cendant and the solicitation/recommendation statement by
Orbitz were filed on October 6, 2004 with the Securities and Exchange
Commission (SEC). Investors and security holders may obtain a free copy of
these statements and other documents filed by Cendant and Orbitz at the SEC's
Web site at http://www.sec.gov/. The tender offer statement and related
materials may be obtained for free by directing such requests to Georgeson
Shareholder Communication Inc., 17 State Street, 10th Floor, New York, New York
10004, or by calling toll free (888) 264-6994.
DATASOURCE: Cendant Corporation
CONTACT: Kate Sullivan of Cendant Travel Distribution Services,
+1-973-496-4540; Elliot Bloom of Cendant Corporation, +1-212-413-1832; Sam
Levenson, +1-212-413-1832 or Henry A. Diamond, +1-212-413-1920, both of
Cendant Investor Relations; Jonathan Mairs of Ogilvy Public Relations
Worldwide, +1-212-880-5353, for Cendant Corporation; Carol Jouzaitis of Orbitz
Media Relations, +1-312-894-4774; Frank Petito of Orbitz Investor Relations,
+1-312-894-4830; Steve Frankel of Abernathy McGregor, +1-212-371-5999, for
Orbitz
Web site: http://www.cendant.com/
http://www.orbitz.com/