Davidson & Associates, Inc. has merged with CUC International, Inc.

July 1996 – Kerlin acted as an advisor to the Davidson family as well as the Davidson Board regarding a possible strategic merger for Davidson & Associates. The $1.1 billion merger with CUC International was the culmination of a three year effort to develop an appropriate strategic partner for Davidson & Associates. The valuation shareholders received in the merger was equivalent to 96 times trailing twelve month earnings. Davidson family interests received shares valued at approximately $800 million.


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