Cendant Corp. has submitted a preliminary, non-binding proposal to acquire the remaining outstanding Avis shares for $29 per share in cash. Avis Group Holdings has formed a special committee composed of independent directors to consider the proposal.

Right now, there are approximately 25.6 million shares of Avis stock not owned by Cendant, making the transaction worth around $750 million.

Cendant currently owns 18% of Avis’ outstanding common shares as well as preferred stock in an Avis subsidiary. Theses preferred shares are convertible to Avis stock.

Assuming that certain earnings are met, the converted shares would give Cendant a 20% voting interest and a 33% economic interest in Avis.