1. SHORE UP FINANCES
Cendant has sold off 18 noncore businesses over the past year and a half, for $4.5 billion. It has used $3 billion to repurchase 20% of its shares since December, 1998, but the stock is still bumping along at $18, less than half its '98 high.
2. JUMP-START GROWTH
As Cendant's finances stabilize, Silverman may do some smaller acquisitions. Depending on prices, he might add more hotel brands to the stable. If Cendant's stock price recovers, the consummate dealmaker may pick up the pace.
3. TAP THE POWER OF THE INTERNET
Silverman is hoping to draw on Net expertise of Liberty Media, which holds a $400 million Cendant stake. That could cut such costs as finding new discount-club members, and build traffic for ventures like move.com, Cendant's real estate portal.
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2005, by The McGraw-Hill Companies Inc. All rights reserved.
