WOTIF DECLARES ITS TAKEOVER OFFER FOR TRAVEL.COM.AU FREE OF CONDITIONS
January 2nd 2008 06:33
Australia’s Travel.Com.Au Ltd chairman Roger Sharp said that Wotif has declared its off market takeover offer for the company to be free of conditions as it pursues its target of 90 percent of issued shares in the company.
He said the sale price of 55c per Travel.Com share (increasing to 57c per share if Wotif achieves the 90 percent compulsory acquisition threshold) represents a significant premium to the market value of the company before competitive bidding commenced for the company in September 2007.
The successful takeover by Wotif marks the conclusion of a sustained turnaround process which the board initiated in early 2005, and Wotif will now acquire a valuable and fast-growing lifestyle and accommodation brand in lastminute.com.au, and a leading player in the buoyant online international flights market in travel.com.au.
Wotif now holds a relevant interest in 83.3 percent f the ordinary shares in TVL.
Wotif has today declared its bid for TVL to be free of conditions.
Settlement for acceptances already received will occur on or before February 1, 2008.
Wotif ceo Robbie Cooke and cfo Craig Dawson have been appointed directors of TVL with immediate effect.
TVL directors Peter Jollie, Adam Johnson and David Williams have resigned as directors with immediate effect.
Roger Sharp will continue to chair TVL until final settlement of the offer.
- From MediaBlab
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Comment by Ash
Flashes of memories
oh I have been watching these shares with anticipation. Thanks for the heads up - wotif has enjoyed much growth over the past few years - they are shares to watch out for
Ash