Press Release: Cendant Corporation and Galileo International, Inc.
June 8, 2001
NEW YORK, and ROSEMONT, IL -- Cendant Corporation (NYSE: CD) and Galileo International, Inc. (NYSE: GLC) announced
yesterday in response to published reports that they are in discussions concerning the possible acquisition of
Galileo by Cendant.
Terms of the possible transaction were not disclosed and there can be no assurance that a transaction will be consummated.
Cendant said that it was exploring the strategic acquisition of Galileo that, if completed, could materially add
to Cendant's earnings per share in 2002.
The Companies do not plan to make any further public announcements with respect to this possible transaction unless
and until a definitive agreement is reached.
Galileo is a leading provider of electronic global distribution services (GDS) for the travel industry through
its computerized reservation systems and its Internet-based solutions, including its online travel service TRIP.com.
The company's systems connect more than 42,000 travel agency locations, and millions of corporate and individual
customers, to approximately 500 airlines, 40 car rental companies, 45,000 hotel properties, 360 tour operators
and all major cruise lines throughout the world.
Cendant is a diversified global provider of business and consumer services primarily within the real estate and
travel sectors. The Company's fee-for-service businesses include hotel, real estate and tax preparation franchising;
rental cars, fleet leasing and fuel cards; mortgage origination and employee relocation; customer loyalty programs;
vacation exchange and rental services and vacation interval sales. Other business units include the UK's largest
private car park operator and electronic reservations processing for the travel industry. With headquarters in
New York City, the Company has approximately 60,000 employees and operates in over 100 countries.
Statements about future results made in this release constitute forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and the
current economic environment. Each of Cendant and Galileo cautions that these statements are not guarantees of
future performance. Actual results may differ materially from those expressed or implied in the forward-looking
statements. Important assumptions and other important factors that could cause actual results to differ materially
from those in the forward-looking statements are specified in Cendant's Form 10-Q for the quarter ending March
31, 2001 and Galileo's Form 10-K for its year ended December 31, 2000 including the uncertainty regarding consummating
any possible acquisition of Galileo International, Inc. In addition, such forward looking statement are based upon
many estimates and are inherently subject to significant economic and competitive uncertainties and contingencies,
many of which are beyond the control of management of Cendant, Galileo and their affiliates. Accordingly, actual
results may be materially higher or lower than those projected. The inclusion of such statements herein should
not be regarded as a representation by Cendant, Galileo or their affiliates that the statements will prove to be
correct.
SOURCE: Cendant Corporation and Galileo International, Inc.