Economy goes hard after

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The battle to acquire listed online travel agency escalated to a new level yesterday after the announcement of a $50 million bid by to buy the business.’s bid involves a cash payment of 0.50¢ per share, or a share offer of between 0.0893 and 0.1042 shares for each share. joins online flight booking site Webjet in attempting to acquire Webjet made a combined cash/shares offer for in early September valuing the company at about 45¢ a share, which was unanimously accepted by’s board.’s chief operating officer, Robbie Cooke, said in a statement released to the ASX that both companies would benefit from the proposed acquisition.

“We are exited about the opportunities that will arise from combining both companies; we will be able to significantly enhance’s accommodation offering and we will be able to explore avenues to leverage off’s other travel products,” Cooke says.

In a short statement, says it will consider the offer and has advised shareholders to take no action in the meantime. shares were trading at 60¢ at 11.40 am today after closing at 58¢ yesterday, while shares have dropped slightly from yesterday’s close of 5.34¢ to be worth $5.33 at 11.40am today.

It remains to be seen whether Webjet will make another offer for


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