wigstheone
Feb 19, 02, 12:08 pm
NEW YORK (Reuters) — Sabre Holdings said Tuesday it wants to acquire the 30% of online reservations provider Travelocity.com it does not already own for $345 million, hoping to reunite two of the world's largest purveyors of travel-related reservations.
Sabre said it will initiate a cash tender offer on March 5 or shortly after to acquire the 15 million Travelocity shares it doesn't own for $23 each.
The offer price represents a nearly 20% premium to Travelocity's closing stock price of $19.20 on Friday. Travelocity shares jumped more than 28% to $24.60 in early trading on the Nasdaq market Tuesday as investors bet the company could obtain an even sweeter deal.
Sabre currently owns about a 70% equity stake in Travelocity, which it formed in 1996, but controls only a 15% voting stake.
http://www.usatoday.com/money/tech/2002-02-19-travelocity-sabre.htm
Sabre said it will initiate a cash tender offer on March 5 or shortly after to acquire the 15 million Travelocity shares it doesn't own for $23 each.
The offer price represents a nearly 20% premium to Travelocity's closing stock price of $19.20 on Friday. Travelocity shares jumped more than 28% to $24.60 in early trading on the Nasdaq market Tuesday as investors bet the company could obtain an even sweeter deal.
Sabre currently owns about a 70% equity stake in Travelocity, which it formed in 1996, but controls only a 15% voting stake.
http://www.usatoday.com/money/tech/2002-02-19-travelocity-sabre.htm