Galileo Up on Buyout

By TSC Staff ,

Galileo International (GLC) was up 3.2% in preopen Instinet trading after real estate and rental car company Cendant (CD) agreed to buy the electronic reservations business for $2.9 billion.

The deal offers Galileo investors $33 a share, vs. Friday's closing price of $29.80, and assumes about $600 million of Galileo's debt. Cendant was down 2.4%.

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