SEC filing from yesterday says, "Each Cendant stockholder will be entitled to receive one share of Realogy common stock (and a related preferred stock purchase right) for every four shares of Cendant common stock held by such stockholder." Would this mean that each spin-off will be issued at 25% ratio and is that fair when revenue split is not 25% equal for each?
The market will set the price of the stock a few weeks before spinoff in the when issued market. If you assume that Realogy is worth greater than 25% of the Cendant, then the price will be greater than the current share price. Valuation is all that matters here.
The ratio is almost meaningless; the price of the shares will adjust accordingly (i.e., one share will be worth half of what two shares would be (duh), so it doesn't really matter how many shares you get).