Webjet announces takeover bid by Helloworld Travel

Helloworld Travel has launched a takeover bid for online travel agent Webjet.

Webjet announced that under the non-binding offer, Helloworld would acquire 100 per cent of the remaining shares in Webject at 90 cents a share.

Helloworld currently has a 17.27 per cent stake in Webjet.

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The takeover offer is subject to a number of conditions, including a satisfactory completion of due diligence by Helloworld; entry into a scheme implementation deed with customary terms and conditions; and a unanimous favourable recommendation from the Webjet board.

That recommendation will also require the absence of any superior proposal, and an independent expert's confirmation that the sale was in the best interests of Webjet shareholders.

Regulatory approvals and approvals from shareholders and the courts are also required.

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The purchase would be funded through a combination of cash on balance sheet, and new debt facilities, Webjet said.

The board has agreed to provide Helloworld with an opportunity to conduct due diligence, noting that no binding offer was in place.

Shareholders have been told they do not have to currently take any action, and that more announcements will come.

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