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- Digital travel business Webjet (WEB) has seen its shares trade higher after a response to media speculation about a potential takeover
- Speculation sparked after investment banker Goldman Sachs reportedly pitched the travel retailer to other bankers and companies
- Whether this was known by Webjet at the time or if it’s just bankers bantering is uncertain
- Webjet stated it hasn’t been approached about a takeover but would be willing to consider one depending on the offer
- As it stands, the company will continue to focus on its growth strategy of expanding its business globally
- Webjet’s shares are up 9.48 per cent and are trading for $12.77 each
Digital travel business Webjet (WEB) has seen its shares trade higher this morning following a response to recent media speculation about a potential takeover.
While Webjet has told the Australian Securities Exchange it has not been approached regarding a takeover, it would be willing to consider one depending on the details of the offer.
“The company’s objective is to create value for its shareholders and from time to time we consider acquisition interest in the business,” Webjet said in today’s announcement.
It seems the speculation sparked earlier this week following a release from the Australian Financial Review.
In the report, the AFR stated the travel retailer was the subject of a pitch by Goldman Sachs’ merger and acquisition team in Melbourne.
Reportedly, the global investment banker was in conversations with multi-billion companies wanting to get their hands on Webjet – whether this was known by Webjet at the time or if it’s just bankers bantering, is uncertain.
If this were the case, the ASX 200-listed flyer may see its close association with its joint financial advisors, Union Bank of Switzerland and Credit Suisse, become shaky.
Interestingly, Webjet claimed if a proposal is compelling enough, a takeover would be considered but, affirmed “no such proposal exists at present.”
As it stands, the company will continue to focus on its growth strategy of expanding its business globally in the business-to-business market.
Webjet’s shares are up 9.48 per cent and are trading for $12.77 each at 11:20 am AEDT
