United Kingdom
United States
Asia Pacific
Flight Centre gives up on PEP deal
In a statement to the Australian Stock Exchange this morning, the Directors of Flight Centre have advised that they have decided to terminate the proposed leveraged joint venture with Pacific Equity Partners.
The statement says that the decision was based on a report by Ernst & Young, which concluded that the proposed transaction was neither fair nor reasonable based on an analysis of Flight Centre’s performance for the year to June 30 2007, with an independent expert estimating Flight Centre’s value to be in the range of $2 to $2.1 billion.
In addition, according to the statement, Flight Centre proceeding with the transaction, would have involved the Company accumulating an unacceptable level of costs and taxes, ultimately preventing the company from meeting the requirements of shareholders.
A copy of the independent expert’s report will be released later today.
Report by The Mole
John Alwyn-Jones
Walt Leger on New Orleans’ Resilience and Major Events Ahead
Cindy Mackin Shares Estes Park’s Winter Thrills
Mark Jaronski of Explore Georgia on FIFA World Cup 2026
Connecting Small Businesses to Global Tourism Markets: Nate Huff of Tourism Exchange
North Carolina’s Resilience: Wit Tuttell on Recovery and Tourism
Kittipong Prapattong’s Plan for Thailand’s Tourism Growth: Taxes, Visas, and Campaigns
James Jin: Didatravel’s Journey from China to Global Reach and the Impact of AI on Travel
Darien Schaefer on Pensacola’s Evolution: From Small Town to Global Destination
Florida Tourism’s Next Frontier: Dana Young on Expanding Beyond the Classics
Patrick Harrison on Tampa Bay Tourism’s Resilience and Marketing Strategy
Bubba O’Keefe on Clarksdale’s Vibrant Music Scene
Commemorating Elvis and Embracing Tupelo’s Culture with Jennie Bradford Curlee
BA suspending all Heathrow to Abu Dhabi flights
Unexpected wave rocks cruise ship
Woman dies after going overboard in English Channel
Report: Cruise guest died after ship lashed in heavy storm
British teen in serious condition after paraglider collision