Wotif joins fray to buy-out <a href="http://www.Travel.com.au">Travel.com.au</a>

Published: 01 Oct 2007

Wotif.com is offering to buy Travel.com.au shares for $0.50 cents in cash or between 0.0893 and 0.1042 Wotif shares, it said in a statement to the Australian Securities Exchange.

Wotif.com said in a statement it would offer 50 cents cash or a scrip alternative of between 0.0893 and 0.1042 of its own shares for each Travel.com share. The cash offer values Travel.com.au at A$49.8 million ($44 million).

Earlier this month, Webjet offered to buy Travel.com.au in cash and equity deal that valued the travel portal at a $42.3 million.

Webjet's proposal offered $0.10 cents in cash and 0.23 Webjet shares for each Travel.com.au share.

"Our offer is superior to the Webjet alternative in a number of respects.

"Most significantly our offer provides a higher price but also gives Travel.com.au's shareholder full flexibility to accept either 100 percent cash for their shares or to retain a shareholding in the combined group," Robbie Cooke, Wotif.com Chief Operating Officer, reportedly said.

Travel.com.au, which owns travel booking site lastminute.com.au, says it will consider a takeover offer. Travel.com.au Ltd said it will provide guidance to TVL shareholders as soon as it has completed its assessment of the offer.

"In the meantime, shareholders are urged to take no action," TVL said in a statement to the ASX.

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