An APP and The Australian report says that takeover target travel.com.au says it will give guidance to shareholders on two rival bids as soon as they have been assessed.
“In the meantime, TVL shareholders are urged to take no action” over the proposals, the company said.
TVL said its board was concerned there could be confusion over the terms of the implementation agreement and the pre-bid acceptance agreement referred to in a market announcement of September 6 dealing with the original offer from Webjet.
The company provided a more detailed summary of the arrangements to ensure there was no misunderstanding.
Online accommodation agency Wotif.com improved its bid for travel.com.au by $4.8 million, in response to a revised offer from Webjet yesterday.
Wotif’s offer values travel.com.au at $54.8 million, with the Queensland-based company offering to buy travel.com.au in an all-cash or alternative all-scrip bid.
Wotif also lifted its all-cash offer yesterday, by five cents to 55 cents for each travel.com.au share.
In its all-scrip option, Wotif is offering between 0.0982 and 0.1146 Wotif shares for each travel.com.au share.
Wotif was previously offering between 0.0893 and 0.1042 Wotif shares for each travel.com.au share.
A report by The Mole from AAP The Australian
