SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
August 23, 2000
(Date of Report)
AVIS GROUP HOLDINGS, INC.
(Exact name of Registrant as Specified In Its Charter)
DELAWARE 1-13315 11-3347585
(State of Incorporation) (Commission File Number) (I.R.S. Employer
Identification No.)
900 Old Country Road
Garden City, New York 11530
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (516) 222-3000
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ITEM 1. CHANGES IN CONTROL OF REGISTRANT.
Not applicable
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
Not applicable
ITEM 3. BANKRUPTCY OR RECEIVERSHIP.
Not applicable
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
Not applicable
ITEM 5. OTHER EVENTS.
On August 18, 2000, the Board of Directors of Avis Group
Holdings, Inc. ("Avis") formed a Special Committee of
independent directors to consider the proposal of Cendant
Corporation to acquire all of the outstanding shares of Avis
not currently owned by Cendant at $29 per share.
ITEM 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS.
Not applicable
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS.
Reference is made to the News Release of Avis Group Holdings,
Inc. filed as an Exhibit hereto, which information is
incorporated herein by reference.
ITEM 8. CHANGE IN FISCAL YEAR.
Not applicable
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AVIS GROUP HOLDINGS, INC.
(Registrant)
Date: August 23, 2000 By: /s/Kevin M. Sheehan
______________________________
Kevin M. Sheehan
President-Corporate and Business
Affairs and Chief Financial Officer
<PAGE>
EXHIBIT INDEX
News Release of Avis Group Holdings, Inc. dated August 18, 2000.
<PAGE>
CONTACTS:
Elizabeth Logler - Investor Relations
516-222-4795
Gregory Faulhaber - Corporate Communications
516-222-3876
AVIS GROUP HOLDINGS, INC. TO FORM SPECIAL COMMITTEE
GARDEN CITY, NY - AUGUST 18, 2000 - Avis Group Holdings, Inc. (NYSE:
AVI) announced today that its Board of Directors has formed a Special Committee,
composed of independent directors, to consider the preliminary non-binding
proposal of Cendant Corporation to acquire all of the outstanding shares of Avis
that are not currently owned by Cendant at a price of $29 per share in cash.
Avis Group Holdings, Inc. is one of the world's leading service and
information providers of comprehensive automotive transportation and vehicle
management solutions. Avis Group operates the second largest general-use car
rental business in the world, with locations in the United States, Canada,
Australia, New Zealand and the Latin American Caribbean region. In 1999, the
Company acquired PHH Vehicle Management Services, the world's second largest
fleet management and leasing company, together with Wright Express, the world's
largest fleet card provider.
This press release contains statements related to future results, which
are forward-looking statements that are made pursuant to the Safe Harbor
Provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve risks and uncertainties, including the
impact of competitive products and pricing, changing market conditions and
other risks which are detailed from time to time in the Company's
publicly-filed documents, including its Annual Report on Form 10-K for the
period ended December 31, 1999. Actual results may differ materially from those
projected. These forward-looking statements represent the Company's judgments
as of the date of this release.
For additional information and news, please call Company News on Call
at 1-800-758-5804, access code #078975.
