Here is a look at more of Monday's top business stories:
Cendant buys Trendwest Resorts
NEW YORK, April 1 (UPI) -- Real estate and travel company Cendant Corp. said it has signed a definitive agreement to acquire timeshare operator Trendwest Resorts Inc. in a stock and cash deal valued at approximately $894 million.
Cendant also said it has entered into a definitive agreement to acquire approximately 90 percent of the outstanding shares of Trendwest from JELD-WEN and certain stockholders. JELD-WEN owns about 81 percent of Trendwest.
Cendant said it will issue some 48.3 million shares and assume approximately $74 million of Trendwest net debt, which will be repaid.
Trendwest, through WorldMark, the Club and WorldMark South Pacific Club, markets, sells and finances vacation ownership interests.
Cendant said the deal will provide its timeshare operations with a second national brand and will accelerate geographic diversification.
Cendant's existing timeshare operations, Fairfield Resorts and Equivest, are principally located in the eastern United States; Trendwest's 48 properties are located primarily in the western United States, British Columbia, Mexico, Hawaii and the South Pacific.
Under the terms of the agreements, Trendwest stockholders will receive between 1.297 and 1.486 shares of Cendant common stock per Trendwest share through a tax-free exchange of Cendant common stock.
The deal is expected to be completed in two steps. The first step, which is the purchase of 90 percent of the outstanding shares from JELD-WEN and certain other stockholders, is expected to close no later than May 1 if all customary regulatory and closing conditions have been satisfied. The second step, the purchase of the remaining 10 percent of the outstanding shares, will close upon the effectiveness of the registration statement on Form S-4 relating to the issuance of Cendant stock to such holders.
Stephen P. Holmes, chairman of Cendant's Hospitality Division, said, "Trendwest geographically expands our footprint in the vacation ownership business by giving us a strong presence in the western United States and Asia/Pacific regions.
"We plan to maximize growth by maintaining both Fairfield and Trendwest brands," he added.
Bam Entertainment issues outlook warning
SAN JOSE, Calif., April 1 (UPI) -- Bam Entertainment warned it expects to post net revenue of $6.5 million to $8.5 million, compared to prior estimates of $18 million to $20 million.
The gaming software maker blamed delays in scheduled product releases and poor execution of worldwide sales and distribution strategies.
Analysts on Wall Street are forecasting a loss of a 1 cent share for the company, according to Thomson Financial/First Call. Previous guidance for fiscal year ending June 2002 also will be lowered, but the company gave no further guidance regarding year-end results.
Chief Executive Officer Ray Musci said in a statement, "Additionally, rapid category maturation and shortened life cycles for handheld video games in recent weeks has prompted us to offer additional concessions to our retail customers."
"We are very disappointed with our performance in the company's third fiscal quarter, and are taking measures to improve operational efficiencies, especially maintenance and expansion of our sales and distribution efforts, and look forward to significantly better results in the near future," Musci added.
The maker of gaming software also said it hired Jefferies & Company to consider potential mergers or acquisitions. Bam said it is in in preliminary discussions with several parties.
Adelphia needs more time to file annual report
COUDERSPORT, Pa., April 1 (UPI) -- Adelphia Communications Corp., which last week revealed $2.3 billion in off-the-books loans to partnerships controlled by its founders, said it has asked federal securities regulators for more time to file its annual report.
Adelphia, the nation's sixth-largest cable television operator, said it told the U.S. Securities and Exchange Commission it needs more time to allow its outside auditors to review the co-borrowing credit facilities to which the company is a party.
Last week Adelphia revealed it was the guarantor of $2.3 billion in loans to entities controlled by the Rigas family. John Rigas is Adelphia's chairman and chief executive, and his son Timothy is chief financial officer.
Adelphia also said it is conducting a review aimed at providing additional clarification of certain of the company's co-borrowing credit facilities and related matters.
The review will be completed and its findings released as soon as practicable, the company said.
John Rigas issued a statement that said: "We recognize that in the current financial environment, shareholders are looking for greater clarity and transparency from the companies in which they choose to invest. We at Adelphia recognize and respect that desire for greater clarity and transparency, and are committed to providing it in a timely manner."
Losses narrow at Mikohn Gaming
LAS VEGAS, April 1 (UPI) -- Slot machine maker Mikohn Gaming Corp. said its fourth quarter loss narrowed on increased revenues, with a higher number of its machines placed in casinos.
The company said including charges and asset write downs of $9.5 million it posted a loss of $10.2 million, or 80 cents a share, compared with a loss of $24.7 million, or $2.24 a share, during the same period a year earlier.
Revenues rose 29 percent to $31.3 million from $24.2 million a year ago.
David J. Thompson, chairman and CEO, noted that in the fourth quarter the company placed 120 licensed brand slot games and ended 2001 with an installed base of 2,679 units, an increase of 670 for the year.
Looking ahead, Thompson emphasized Mikohn's business outlook for the coming year is "very positive" and said the compnay was comfortable with estimates of earnings in the 50 cent a share range for the 2002 fiscal year.
