Cendant Corp.‘s board of directors has declared the company’s first-ever regular quarterly cash dividend of $0.07 per common share. The dividend will be payable March 16, 2004, to stockholders of record Feb. 23, 2004.
The board also approved a $750 million increase in Cendant’s common stock repurchase program. The increase is intended to cover the repurchase of shares expected to be issued as a result of the conversion of the Company’s CODES convertible bond and the existing share repurchase program.
Cendant provides travel and residential real estate services through franchisee networks that include Coldwell Banker Residential Real Estate, Century 21 and ERA Franchise Systems. The company also owns NRT, the nation’s largest real estate brokerage company.
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