Wednesday, October 10, 2007

WHOOT: Webjet pleads Wotif seethes

The WHOOT series update - WHoever Owns Outright - continues.

Webjet has "stepped up" in the battle according to the SMH with a bidder's statement. A bidders statement is like the case/argument that a bidder puts to the shareholders of a target to convince them to sell. Usually it says something like - "we are offering a lot of money, you'd be crazy not to accept". This statement from Webjet is not like the standard. It instead says "I know we are not offering as much as the other guy but you should accept our bid anyway because you will become an owner in Webjet". Is a good story but nowhere near a killer blow.

Wotif on the other hand is a little perplexed. CEO Robbie Cooke is quoted in TravelWeekly's TravelToday as saying that he is a "bit frustrated" that the Board have kept him waiting by asking the shareholders to do nothing until the Board makes a recommendation. Says Wotif are planning their own bidders statement (though he is not in a rush) which I presume will be more along the lines of "we are offering the most money".

So, we wait on the Board.

1 comment:

Anonymous said...

sounds like some lawyers somewhere in biddersland are going make some money soon