Webjet shares lift after BGH Capital hikes buyout offer
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The news: Travel company Webjet Group has received an improved off-market takeover offer from private equity group BGH Capital.
The numbers: The new offer is priced at 91 cents per share, up from the previous offer of 80 cents per share, which was announced in May.
It is also higher than a competing offer by rival suitor Helloworld of 90 cents per share.
The revised proposal by BGH, which currently holds an 18.3% interest in Webjet, would require a 75% minimum acceptance from Webjet shareholders.
Travel agency Helloworld holds a 17.27% interest in Webjet.
Webjet shares were up 1.7% to 90.5 cents at 1pm AEDT.
The context: Webjet's board has agreed to allow BGH to conduct due diligence, subject to the parties agreeing to a mutually acceptable non-disclosure agreement.
Webjet Group was spun-off and re-listed last year, retaining the B2C part of the original Webjet business. The original company, now named Web Travel Group, owns the WebBeds wholesale bookings business.
The source: ASX
