Expedia launches Wotif takeover bid

Last updated 12:11 07/07/2014
Wotif
SELLING UP: Wotif founders Graeme Wood (pictured) and Andrew Bice agreed to sell their shares to Expedia.

Relevant offers

World

Pharma Bro Martin Shkreli is called liar by prosecutors, weird genius by his lawyer Andy Warhol's selfie sells in London for $10.5m Cyberattack clogs world port systems and major networks New cyber attack causes mass disruption, hitting Europe hard Sue Finley, 80, was hired by Nasa in 1958 as a 'computer' Woman gets $8030 but fails in bid to sue Australian supermarket after slipping on a grape Kayak is letting travellers search for travel deals using emojis Uber CEO Travis Kalanick resigns under investor pressure George Clooney sells his tequila to Diageo for US$1 billion London fire: Luxury apartments acquired for displaced Grenfell tenants

Global travel booking giant Expedia has launched an A$700 million (NZ$750m) takeover bid for Australia's Wotif.com.

Under the deal, Expedia Group will pay A$3.06 per share to acquire all Wotif.com Holdings shares and shareholders will also receive a special dividend of A24 cents per security.

The total A$3.30 payment is a 31 per cent premium on the average trading price for Wotif.com shares over the past five days and the company recommended shareholders accept the offer.

Company founders Graeme Wood and Andrew Bice agreed to sell their shares to Expedia.

Wood holds about 20 per cent of shares in the company while Bice owns about 15.5 per cent.

Wotif.com Holdings has entered into a Scheme of Implementation agreement with the US company.

Wotif chairman Dick McIlwain, said the sale was the best way to maximise shareholder value.

"As a board, we have carefully assessed the changing dynamics of the markets in which we operate, and the uncertainties and risks that we would face if we were to continue as an independent company," he said in a statement today.

"With that in mind, we believe that shareholder value will be maximised and that Wotif Group will be best positioned for the future, through the proposed transaction."

McIlwain said Expedia would be able to leverage Wotif.com's brand in an increasingly global travel market.

Ad Feedback

- AAP

Special offers

Featured Promotions

Sponsored Content