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Travelscene S8 Merger Clears Constitutional Hurdle
The merger of Travelscene Limited with S8 Limited (ASX:SEL) moved a step closer following the overwhelming endorsement by Travelscene members and shareholders to changes to the company’s constitution.
The changes, approved unanimously today by shareholders at a General Meeting of the company, were necessary to remove share ownership restrictions and allow for consideration of off-market bids. Travelscene Ltd. operates as the Travelscene American Express network in Australia with over 600 members nationwide.
Now that the constitutional barriers have been removed, S8 will distribute bid material to Travelscene shareholders allowing them to consider, and vote to accept, the merger.
S8’s offer is a combination of cash and scrip which values Travelscene at approximately $67 million. The deal is also being enhanced by Travelscene Ltd. through payment of a $3 million special dividend.
Mr. Bob Steel, Managing Director of Travelscene American Express, stated he was extremely satisfied with the result. “The merger of these two major travel players will create unparalleled opportunities for both our companies in the Australian marketplace. ”
“The resulting vertical and horizontal integration will create a significant force in the industry and re-define what the next generation of travel leaders will look like. I am extremely confident that our members and shareholders will enthusiastically embrace this new vision.”
Graham Muldoon
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