Press Release: Classic Vacation Group
January 7, 2002
SAN JOSE, CA -- Classic Vacation Group, Inc. (AMEX: CLV), one of the largest U.S. providers of customized vacation
products, Friday announced that the company has filed with the SEC and mailed to shareholders a second amendment
to its previously filed Schedule 14D-9.
The amendment further supplements the Company's response to a previously announced tender offer by a company formed
by Three Cities Research, Inc. (``TCR''), a private investment group headquartered in New York, NY and an affiliate
of the Company's principal lender, and Thayer Equity Investors III, L.P. (``Thayer''), CLV's current majority shareholder.
Absent an extension by TCR/Thayer, the tender offer is presently scheduled to close at 5:00 p.m. on Monday, January
7, 2002. As of the time of this press release, TCR/Thayer have not yet expressed a willingness to extend the tender
offer.
The Company has filed the supplement to inform its shareholders of, among other things, the status of the Company's
negotiations with a potential third-party acquiror regarding a transaction that would pay the Company's shareholders
more than the $0.15 per share offered in the TCR/Thayer tender offer. The Company believes that, absent an extension
of the tender offer, it is highly unlikely that these negotiations will be successful. Even if the tender offer
is extended, however, there can be no assurance that the Company will be successful in its efforts to negotiate
a transaction with the potential third-party acquiror.
The supplement also notes that the company's special committee of independent directors, on behalf of the board
of directors, continues to recommend that shareholders not tender their shares in response to the TCR/Thayer tender
offer. Further details can be found in the SEC filing being mailed to shareholders or at the SEC's web site, www.sec.gov, under EDGAR filings.
Classic Vacation Group, formerly Global Vacation Group, is a value-added provider of branded and private label
vacation products and services. Classic Vacation Group's brands include Classic Custom Vacations, which creates
customized vacation packages for U.S. travelers; Allied Tours, which creates and coordinates packages and tours
for international travel wholesalers selling vacations to North America; Amtrak Vacations; and Hyatt Vacations.
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Contact:
Classic Vacation Group
Debbie Lundquist, 408/882-8455
or
Daly Gray Public Relations
Jerry Daly, Carol McCune (Media)
703/435-6293