Industry News

Cendant sells more Homestore stock

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Cendant Corp. has sold another block of Homestore shares. The real estate franchisor sold 2 million shares of its investment in the online real estate company Feb. 27, 2004, at $4 per share, according to a report filed with the Securities and Exchange Commission. Cendant still owned more than 9.4 million Homestore shares after the sale. Those shares equal 7.84 percent of Homestore's common stock, based on a total of 120 million-plus shares issued and outstanding as of Oct. 21, 3003. The February stock sale continued a trend. Cendant sold 6.7 million shares of Homestore stock in January 2004 and December 2003 for proceeds of nearly $26 million. Cendant owned more than 11.4 million shares, or 9.5 percent of Homestore's outstanding shares, after those transactions. 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....