Sabre has been successful in its $491million bid to acquire the Travelocity shares it did not already own.
It has increased its ownership from 70% to around 96% of Travelocity stock, after upping its initial bid of $23 and offering shareholders $28 per share. Sabre only needed to acquire 90% of the company to take the travel website back into private ownership.
In a statement the company said it now expects to complete a “short-form” merger in which Travelocity will become a wholly owned Sabre company. Completion of the merger is expected on April 11.
See our previous story:
19 Mar 2002: Sabre increases bid for remaining Travelocity shares
