Travel site merger
Friday, September 7, 2007/
Internet ticket reseller, Webjet, has made a $42 million cash-and-scrip friendly takeover bid for competitor travel.com.au.
The merger will create a giant online ticketing and accommodation reseller that will shake up the industry and take on Wotif, an online site that sells distressed inventory on behalf of hotels all around the world.
The merger is an attempt to consolidate and lower costs in an industry that is facing pressures from more aggressive moves by airlines to sell tickets directly to customers through their web sites.
Both companies in the merger have declared a trading halt.