The deal calls for Cendant to pay between 1.297 shares for each Trendwest share if its stock price is at or above $18.50 and 1.486 shares if the price is at or below $16.15. Cendant shares closed trading Monday at $19.02, off 18 cents in early afternoon trading today. Trendwest stock rose $0.97 cents to close at $24.99.Cendant has entered into a definitive stock purchase agreement to buy roughly 90% of the outstanding shares of Trendwest from Oregon-based Jeld-Wen--which owns about 81% of Trendwest--and certain stockholders.

Just one year ago Cendant snatched up Fairfield Communities Inc. for $690 million, another large timeshare owner like Trendwest. And less than two months ago, the company acquired Equivest Finance Inc., a smaller outfit, for about $100 million. In buying Trendwest, Cendant better positions itself in the western United States, Australia, British Columbia, Fiji and Mexico.

Trendwest, through WorldMark, the Club and WorldMark South Pacific Club, markets, sells, and finances vacation ownership interests. The Trendwest acquisition provides additional diversity to Cendant's timeshare product offering. With approximately 150,000 timeshare owners, Trendwest was one of the first major timeshare companies to create and implement an innovative and highly flexible points-based system of ownership.