Cendant Corp. and its spun-off units, Realogy and Wyndham Worldwide, could land in the hands of private-equity investors, analysts believe, and Cendant's CEO did not rule out a sale of Realogy, at least.

On a conference call Thursday to discuss Cendant's second-quarter earnings, Chief Executive Henry Silverman said Realogy Corp. could consider offers once an appropriate amount of time had elapsed following the real-estate company's spinoff into a publicly traded, stand-alone company.

Cendant spun off Realogy and hotel operator Wyndham Worldwide Corp. on July 31. Travelport, Cendant's travel-services unit, is being bought by the Blackstone Group Inc. private-equity firm for $4.3 billion, leaving Cendant with only its Avis car-rental business.

"The company is not for sale," Silverman said of Realogy. But he added, "If someone were to come to us, we would be happy to listen to all proposals."

Wyndham's shares rose $2.08, or 8 percent, to close at $28.15 on the New York Stock Exchange, while Realogy shares rose $1.28, or 6.2 percent, to finish at $22.

Analysts Christopher Gutek and Jennifer Pinnick of Morgan Stanley wrote that Cendant "and the two spin-offs all look very cheap, partly due to poor visibility and declining interest from investors. That said, we think that all three companies may well soon follow Travelport into private-equity hands."

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