Industry News

Cendant sells Homestore stock

Franchise giant still owns 9.5% of parent

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Real estate franchisor Cendant Corp. sold 6.7 million shares of its total investment in Homestore for proceeds of nearly $26 million in the last two months, according to insider transaction forms filed with the Securities and Exchange Commission. On Dec. 17, Cendant conducted two private sales of 1 million and 3.4 million shares at stock prices of $3.70 and $3.33, respectively. On Jan. 20, Cendant sold another 2.3 million shares at $4.75 a share. Cendant still owned more than 11.4 million shares, or 9.5 percent of the shares outstanding, of Homestore after those sales of stock. Cendant became a major stockholder of Homestore in February 2001, when the real estate franchise chain owner sold its unit to the Southern California-based online real estate company in a deal worth $700 million. Cendant received approximately 26.3 million shares of Homestore in the deal, which gave Homestore title to,,,, Self and Welcome Wagon...