Webjet shares rise after BGH Capital bid rejected
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More news: Webjet Group shares were up in early trading after the company rejected BGH Capital’s controlling interest bid.
Webjet shares were up 1.72% to 88 cents by 10:22am AEST.
Webjet said the bid was not in the interest of shareholders and would create “significant uncertainty” within the company including its structure and proposed conditions.
Webjet rejects BGH Capital's controlling interest bid
The news: Webjet Group has rejected BGH Capital’s proposal to acquire a controlling interest in the company as it believes the bid materially undervalues the company and would create significant uncertainty in the business.
The numbers: On Tuesday, Webjet received a non-binding proposal from BGH that included a cash offer of 80 cents per Webjet share.
Webjet last closed at 87 cents per share.
The context: Webjet’s board said it unanimously concluded that the proposal was not in the best interests of shareholders and that it involved significant uncertainty for the company and its shareholders, including in relation to its structure and proposed conditions.
Webjet did not grant BGH access to due diligence.
The source: ASX
