Cendant Corp.’s board of directors has authorized a $200 million increase in its repurchase program, bringing the total value of the share repurchases to $1.2 billion. Under the share repurchase program, which began in fourth-quarter 1998, the New York-based firm has purchased about $950 million, or approximately 48 million shares, of Cendant common stock on the open market.
Cendant provides consumer and business services in three principal divisions, includint Alliance Marketing, which provides access to insurance, travel, shopping, auto, and other services, primarily through direct marketing to customers of its affinity partners.
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