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Article: Classic Vacation Group to Sell Classic Custom Vacations to Expedia; Public Shareholders to Receive Cash Payment of $0.26 Per Share.
- Article from:
- Business Wire
- Article date:
- January 23, 2002
CopyrightCOPYRIGHT 2002 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business Editors/Travel Writers
SAN JOSE, Calif.--(BUSINESS WIRE)--Jan. 23, 2002
Classic Vacation Group, Inc. (AMEX: CLV), a value-added provider of customized vacation products, today announced that it has entered into an agreement to sell substantially all of the assets and the liabilities of its Classic Custom Vacations subsidiary to Expedia, Inc. (Nasdaq: EXPE) for $5.0 million in cash and the assumption by Expedia(R) of approximately $47 million of CLV's debt.
In connection with the transaction, Three Cities Research, Inc. (TCR), the company's principal note holder, and Thayer Equity Investors III, L.P. (Thayer), the company's principal ...