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 Move.com 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 Move.com, Rent.net, House.net, SeniorHousing.net, Self Storage.net and Welcome Wagon.
Cendant distanced itself from Homestore when the dot-com became embroiled in an accounting irregularity scandal. In May 2002, Cendant wrote off its investment in Homestore, according to a company press release.
Cendant owns the Century 21, Coldwell Banker and ERA real estate franchise networks, the Cendant Mobility relocation service and NRT, the nation’s largest real estate brokerage, among other companies.
Homestore operates the Realtor.com Web site for the National Association of Realtors and sells Realtor.com-related marketing opportunities to Realtors, among other business lines.
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