Wotif.com bid for Travel.com unconditional
Published: 08 Jan 2008
Wotif CEO Robbie Cooke and CFO Craig Dawson have been appointed directors of TVL with immediate effect while Peter Jollie, Adam Johnson and David Williams have resigned as TVL directors. Roger Sharp will continue to chair TVL until final settlement of the offer, as per the information available.
Sharp said: "Today Wotif has declared its off-market takeover offer for TVL to be free of conditions as it pursues its target of 90pc of issued shares in TVL. This development is a milestone for TVL and an excellent outcome for its shareholders."
Shareholders would begin receiving payments on or before February, with the possibility the offer would rise from 55 cents per share to 57 cents if Wotif received 90 per cent acceptances.
"The successful takeover by Wotif marks the conclusion of a sustained turnaround process which the board initiated in early 2005.
"The turnaround has created a sharp uplift in shareholder value as TVL has experienced improvement in its key metrics - site visits, look-to-book ratios, market shares and profitability."
"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."