Friday, November 23, 2007

WHOOT: Another step towards winning the race for

WHOOT series update - WHoever Owns Outright

The Offer period for Webjet's run at acquiring has come to a close and according to the filings this week Webjet has not received any significant acceptances. Webjet ended up with a "relevant interest" in just 20.53% of the stock. Under the pre-acceptance agreement following Webjet's original bid Webjet acquired "relevant interest" in 19.8% of's shares - being a right to get 19.8% of the stock from lead shareholder Co-Investor if some conditions were met. Those conditions were not met so the pre-acceptance agreement is terminated and the stock stays with Co-Investor. Presumably the gap between the 19.8% and 20.53% in the filing is explained by a small number of acceptances of Webjet's offer.

The offer period closes on December 17 (here is the TVL board recommendation of the Wotif bid - also called the Target's statement).

So unless Webjet (or someone else) makes another bid then they are out of the running for and we can presume that it will be all quiet on the TVL front until Dec 17. Or can we...?

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