Davidson & Associates Inc merges with CUC International, Inc.

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Transactions

The Davidson Family has sold a substantial portion of its holdings in CUC International through a public secondary offering

Kerlin acted as the financial advisor to the Davidson family which in November 1996, four months after the CUC merger, sold $460 million of CUC shares through an underwritten secondary offering. Kerlin helped create the liquidity strategy, assisted in the selection of managing underwriters, monitored the marketing of the offering and assisted in negotiating the underwriting fees and final pricing. At the time, the gross underwriting spread negotiated by Kerlin was one of the lowest paid for a similarly-sized public offering.