PHH Spin-off Comes at a Price

Muolo, Paul
February 2005
National Mortgage News;2/14/2005, Vol. 29 Issue 21, p6
Trade Publication
Reports on after taxes worth as much as $650 million that cost Cendant Corp. due to its spin-off of its mortgage and fleet unit to the public. Price of shares traded by the resulting company PHH Corp. which gave it a market capitalization of $1.06 billion; Statement of Cendant that it would take a non-cash impairment charge in connection with the spin-off to reflect any difference between PHH's carrying value and PHH's market value.


Related Articles

  • Cendant Board OKs Sale of Mortgage Unit.  // American Banker;1/7/2005, Vol. 170 Issue 5, p20 

    Reports that Cendant Corporation's board of directors approved the planned sale of PHH Corporation, the company's mortgage and fleet business, to shareholders. Statement that Cendant Corporation will then enter into a mortgage-origination venture with PHH; Plans of Cendant to sell Wright Express.

  • Cendant Spinoff Names Mortgage Chief. Shenn, Jody // American Banker;2/2/2005, Vol. 170 Issue 22, p11 

    Announces that PHH Corp., a mortgage and fleet company spun off from Cendant Corp., promoted Joe Suter to president and chief executive officer of mortgage operations. How he succeeded Terry Edwards, who became chief executive of PHH Corp.; Details of the corporate reorganization.

  • Cendant Could Be a Paradigm For Future Deals, Breakups. Sikora, Martin // Mergers & Acquisitions: The Dealermaker's Journal;Jan2006, Vol. 41 Issue 1, p16 

    The article focuses on the break up of Cendant Corp. into several firms. Fleet manager PHH Corp. is one of Cendant's businesses that was included in the spin off. The remaining operations of Cendant will be divided into four separate companies. Mark Sirower of PricewaterhouseCoopers comments on...

  • PHH Having Hard Time in Mortgages. Shenn, Jody // American Banker;5/16/2005, Vol. 170 Issue 93, p1 

    Reports that relentless price competition, falling market share, and a decision to maintain capacity to handle private-label mortgage outsourcing clients it hopes to sign are making the year a challenging one for PHH Corp. Losses in the first quarter of 2005 due to charges related to its...

  • Unable to Sell, Cendant Goes Spinoff Route. Shenn, Jody // American Banker;10/14/2004, Vol. 169 Issue 198, p1 

    Looks at the decision of Cendant Corp. to spinoff rather than sell. Factors that made it hard for Cendant to sell; Current plan which is to spin off to shareholders its PHH Corp's mortgage operations along with its fleet management business which manages about a million vehicles for clients;...

  • Chesapeake ABS seen withstanding PHH spin-off. H. B. O. // Private Placement Letter;2/7/2005, Vol. 23 Issue 5, p7 

    The article reports that Cendant Corp., the largest travel and real estate services company in the U.S., has announced last week that it had spun off subsidiary, PHH Corp., an entity that housed the mortgage and fleet leasing operations of the parent company. Following the distribution of PHH...

  • PHH Puts Blame For Filing Delay On '05 Spinoff. Shenn, Jody // American Banker;3/3/2006, Vol. 171 Issue 42, p18 

    The article discusses PHH Corp.'s announcement to delay the filing of its annual report and blames tax and accounting issues related to its spinoff from Cendant Corp. for the delay. On a conference call, Terry Edwards, the mortgage and fleet management company's chief executive, pointed out...

  • S&P Says It May Downgrade PHH.  // American Banker;5/31/2006, Vol. 171 Issue 103, p7 

    The article reports that Standard & Poor's might downgrade PHH Corp.'s credit ratings due to the company's failure to report its financial results on time. PHH has not reported its full-year 2005 or its first-quarter 2006 results. The company blames accounting complications arising from its...

  • Troubled Cendant Corp. to sell software division: TLC, McGraw-Hill & Houghton Mifflin cited as...  // Electronic Education Report;08/19/98, Vol. 5 Issue 15, p1 

    Announces Cendant Corp.'s confirmation of rumors that it is planning to sell off its Cendant Software division. Financial problems of Cendant Corp.; Speculation on what company would be interested in buying the education software publisher; sales of Cendant Software; The Leaning Corp., Houghton...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics