Cendant to Pay $16 a Share in Cash for Fairfield Communities

Cendant (CD Quote) said on Friday that its pending acquisition of Fairfield Communities (FFD Quote) will be an all-cash deal and will result in a $16 a share payout for each Fairfield share.

The transaction, which Cendant expects to close on April 2, is valued at about $690 million. When Cendant announced the plans to acquire Fairfield, the company said at least 50% of the consideration would be paid in cash, while the rest would either be in cash or Cendant common stock. ...