eDreams ODIGEO rejects takeover bids
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Online travel agent eDreams ODIGEO has snubbed unsolicited offers from potential investors.
Following a review of ‘strategic alternatives’, announced in November 2017, it has decided it will stick with its management team and existing investors.
Chairman Philip Wolf said: “The Board has agreed that eDreams ODIGEO is best placed to capitalize on the renewed strategic focus, operational success and strengthened financial position.
"The Board is confident that the management team will continue to successfully deliver on the strategy, driving sustainable growth and maximizing value for stakeholders."
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Dana Dunne, eDreams ODIGEO CEO added: "eDreams ODIGEO has continued to benefit from the strategic shift in our business model and is making good progress against our KPIs. We remain fully on track to meet our raised full year guidance for fiscal year 2018 as well as for fiscal year 2020.”
The OTA said it is mid-way through a transformation of its business model based on two key initiatives – revenue diversification and change of price display.
It said the Board is fully confident in the company’s ability to execute this business plan.
"As a result, the Board has determined unanimously that eDreams ODIGEO is best placed to maximize value creation for all stakeholders through continuing to execute on its business plan with Permira and Ardian as strong supporters of the company’s strategy and performance," it said.
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Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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