Cendant Changes Name to Avis Budget Group
New stock to begin trading Sept. 5, reverse stock split reduces number of shares, raising price .
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.
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