A bidding war has erupted over American Bankers Insurance Group, a Miami company that sells credit-related insurance programs to banks and other businesses.

On Tuesday, Cendant Corp., a Parsippany, N.J.-based conglomerate that deals in real estate, travel, shopping, and other businesses, announced a cash tender offer of $58 a share, topping a December offer of $47 by American International Group of New York.

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