SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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Form 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-10308
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October 14, 1998 (September 29, 1998)
(Date of Report (date of earliest event reported))
Cendant Corporation
(Exact name of Registrant as specified in its charter)
Delaware 06-0918165
(State or Other Jurisdiction of (IRS Employer
Incorporation or Organization) Identification No.)
6 Sylvan Way,
Parsippany, New Jersey 07054
(Address of Principal Executive Office) (Zip Code)
(973) 428-9700
(Registrant's telephone number, including area code)
None
(Former name, former address and former fiscal year, if applicable)
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Item 2. Acquisition or Disposition of Assets
As previously reported, on April 27, 1998, Cendant Corporation (the "Company")
completed the acquisition of National Parking Corporation Limited ("NPC") for
$1.6 billion in cash, which included the repayment of approximately $227 million
of outstanding NPC debt. NPC is comprised of two substantial operating
subsidiaries: National Car Parks and Green Flag. National Car Parks is the
largest private (nonmunicipal) single car park operator in the United Kingdom
("UK") and Green Flag operates the third largest roadside assistance group in
the UK and offers a wide-range of emergency support and rescue services. The
Company funded the NPC acquisition with borrowings under its revolving credit
facilities.
On September 29, 1998, the Company filed an amended Annual Report on Form
10-K/A for the year ended December 31, 1997 which included restated financial
statements for 1995, 1996 and 1997. As a result of the restatement of such
financial statements, the results of operations of NPC meet the materiality test
of Rule 3-05 of Regulation S-X. Accordingly, the Company expects to file audited
financial statements of NPC and pro forma financial statements of the Company
giving effect to the acquisition of NPC within 60 days of this filing.
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SIGNATURE
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.
CENDANT CORPORATION
By: /s/ James E. Buckman
James E. Buckman
Senior Executive Vice President
and General Counsel
Date: October 14, 1998
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