Economy cool as Wotif and Webjet battle it out

SmartCompany / has urged its shareholders to sit tight as the online travel agent considers new, significantly improved bids received yesterday from rival suitors and Webjet.

Earlier this week lodged a $50 billion dollar bid for, trumping an earlier proposal by Webjet that had already received the recommendation of the board.

Then yesterday things really hotted up. First Webjet made a new offer for the company that improved on its previous bid by 19% and, according to chairman David Clarke, trumped’s 50c per share bid with a mixed cash and share offer with an implied value of 54.47c per share.

Not long after responded with its own counter-bid, the last minute online accommodation business ratcheting up its offer to $54.8 million, available to shareholders either as an all-cash or all-shares deal.

The ball is now in’s court, at least for the moment. In a statement released today the company’s board urged shareholders to “take no action” until it had completed its assessment of the competing offers.


SmartCompany is the leading online publication in Australia for free news, information and resources catering to Australia’s entrepreneurs, small and medium business owners and business managers.

We Recommend