Armor-Plating the Cendant Descendents

All three companies that resulted from the Cendant Corp. split-up emerged with takeover protections in place. Poison pills were installed by boards at Cendant itself, which is being renamed Avis Budget Group, as well as two spun-off concerns, Realogy Corp. and Wyndham Worldwide Corp. Affordable Residential Communities Inc., which converted to a corporation from a REIT, adopted a pill to preserve its NOL tax credits. Shareholders’ rights plans also were voted in during July at: Blackhawk Bancorp, Bluegreen Corp., Cardium Therapeutics Inc., Celebrate Express Inc., Swift Transportation Co., and Valley Commerce Bancorp. Rights plans were ended at Amgen Inc. and Motorola Inc. while Harrah’s Entertainment Inc. let its pill expire. (c) 2006 Mergers and Acquisitions Journal and SourceMedia, Inc. All Rights Reserved. http://www.majournal.com http://www.sourcemedia.com