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Cendant to Acquire Outstanding Avis Group Shares for $33.00 Per Share

13 November 2000

Cendant Corporation to Acquire Outstanding Avis Group Shares for $33.00 Per Share in Cash

    NEW YORK and GARDEN CITY, N.Y., Nov. 13 Cendant
Corporation and Avis Group Holdings, Inc. today
announced that they have entered into a definitive agreement for Cendant to
acquire all of the outstanding shares of Avis Group that are not currently
owned by Cendant at a price of $33.00 per share in cash.  Approximately 25.6
million outstanding shares of Avis Group common stock, and options to purchase
an additional approximately 7.9 million Avis Group shares, are not owned by
Cendant.  Accordingly, the transaction has an equity value of approximately
$935 million, net of option proceeds.
    The shares will be acquired at a price of $33.00 per share in a cash
merger pursuant to which Avis Group will be merged with an indirect wholly
owned subsidiary of Cendant.  Upon completion of the transaction, Avis Group
will become a subsidiary of Cendant.  The merger is conditioned upon, among
other things, approval of a majority of the votes cast by Avis Group
stockholders who are unaffiliated with Cendant and customary regulatory
approvals.  The transaction is expected to close in the first quarter of 2001.
    "We expect this transaction to be immediately accretive to Cendant's
earnings," said Cendant Chairman, President and Chief Executive Officer, Henry
R. Silverman.  "Additionally we look forward to the combination with Avis
Group to enhance both our off-line and online travel strategies."
    "We're very pleased that our successful business strategy has now resulted
in a substantial increase in shareholder value -- approximately 74% over the
past year," said Avis Group Chairman and Chief Executive Officer A. Barry
Rand.  "Over the past 12 months, we have successfully transformed Avis Group
into the leading comprehensive vehicle management solutions provider with
award-winning technology.  We have substantially strengthened our balance
sheet and significantly improved our free cash flow, while attaining our 13th
consecutive quarter of EPS growth above 20%.  Now, we look forward to
combining with Cendant, a company with significant financial strength and
broad travel industry assets."