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S8 and Travelscene to merge
Queensland property management firm S8 Ltd has announced a proposal to merge with franchise travel agency group Travelscene Ltd, through its Travelscene American Express network.
The proposed merger will be conducted by way of takeover offers for each of the three classes of Travelscene shares valued in aggregate at about $67 million, comprising around $35 million in cash and $32 million in S8 scrip.
Travelscene, which trades as Travelscene American Express, has a network of more than 600 travel agencies nationwide.
“A complete merger between S8 and Travelscene will allow both companies to accelerate their growth strategies and jointly share in the benefits of that growth and diversity,” Travelscene chairman Tom Goldman said.
On S8 declaring the takeover offers unconditional, Travelscene will, subject to compliance with any applicable legal requirements, declare and pay a fully franked $3 million cash special dividend to eligible Travelscene shareholders holding I Class and Reward Class TravelScene shares in accordance with existing class rights.
It is believed Bob Steel will continue in his current role and join the S8 Board.
Last month, S8 announced plans to merge with Transonic Travel Ltd, a provider of services to the travel industry.
S8 said that following the mergers with Transonic and Travelscene, it will have a market capitalisation in excess of $480 million.
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