Cendant Corporation confirmed yesterday that they are in discussions concerning the possibility of their taking over Galileo International.
As long ago as last October, Galileo`s board of directors authorised management to “explore strategic alternatives designed to maximise shareholder value”.
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.