Cendant Changes Name to Avis Budget Group

Cendant shareholders on Aug. 29 approved changing the company's name to Avis Budget Group Inc. and the new company's stock will begin trading Sept. 5 on the New York Stock Exchange under the stock symbol CAR, Travel Weekly reports. The action was one of several at Cendant's annual shareholders' meeting in East Hanover, N.J., and followed the completion of Cendant's separation plan Aug. 23 with the closing of the sale of Travelport to affiliates of the Blackstone Group. The metamorphosis means that the former Cendant business lines now consist of three independent public companies—Realogy, Wyndham Worldwide and Avis Budget Group—as well as Travelport, which is privately held. Shareholders also elected directors to the Avis Budget Group board, named an auditor, and endorsed a one-for-10 reverse stock split of the company's common stock. The last-named action reduces the number of company shares, which raises their price, according to Travel Weekly.

Comment On This Story

Name:  
Email:  
Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

 
 

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

ELD Mandate: Is Your Head Still in the Sand?

If you think you have 11 weeks to implement an Electronic Logging Device system to meet the Dec. 18 compliance deadline, you really don’t — for a few reasons.

Who Controls Your Vehicles’ Data?

In the name of security, an automaker’s alliance is advocating denial of third-party access to the OBD-II port. Is this going too far?

A Shared Mobility Model Takes Shape for Fleets

Technology that allows cab drivers flexible access to a shared fleet is leveling the playing field for an 89-year-old taxi company.

Job Finder: Access Top Talent. Fill Key Positions.

>