|Expedia moves further into Australian online travel market, buys Wotif.com|
Tuesday, 8th July 2014
Source : External sources
Expedia agreed to buy Wotif for roughly $657 million, as the online travel booker looks to capitalize on growth in Asia-Pacific markets.
Expedia said late Sunday it offered 703.1 Australian dollars, or A$3.30 a share, including a special dividend of 24 Australian cents. The deal reflects a premium of 25% over Wotif’s most recent closing price.
Wotif’s board approved the bid, and shareholders who hold a combined 35.7% stake in the company have expressed their support.
Expedia expects the acquisition to close during the fourth quarter, subject to the approval of Wotif shareholders.
Expedia shares dropped 1.65% to $80.85 at yesterdays' closing.