In announcement to the Australian Securities Exchange (ASX), Wotif Group Chairman, Dick McIlwain, has discussed the sale of the Company.
“After careful consideration of all of the options available to maximise shareholder value, the Wotif Group Board has unanimously concluded that a sale of the Company at a significant premium to current market value, and on terms which we believe reflect fair value, is in the best interests of all shareholders,” he said.
“As a board we have carefully assessed the changing dynamics of the markets in which we operate, and the uncertainties and risks that we would face if we were to continue as an independent company.
“With that in mind, we believe that shareholder value will be maximised, and that Wotif Group will be best positioned for the future through the proposed transaction.
“The Expedia group is well placed to leverage and support our strong brands, operations, people and customer relationships in an online travel market that is becoming increasingly global.
“On behalf of the board, I want to recognise and thank the entire Wotif Group team for all of the hard work over the last 14 years… we are exceptionally proud of what they’ve accomplished in building a very successful online travel company in the region,” McIlwain said.