Sunday, April 01, 2007
Flighties back in flight
With a new structure and plan the Flight Centre privatisation in back. You will recall that shareholder Lazard said "No" to the initial PEP bid for Flight Centre. Well the deal is now back but in a joint venture structure. According to News.com.au (in what is now becoming the Australia structure benchmark - see the PBL Media and 7 Media deals) the Flighties operational assets would be put into a JV part owned by PEP (33%) and part owned by the listed Flight Centre vehicle (67%). This deal may not necessarily need shareholder approval, thereby dodging any input from Lazard. Will watch closely how this unfolds in the coming week.