Lastminute bids £55m for OTC
Lastminute.com has made on offer of around £55 million for the Online Travel Corporation. By purchasing its rival, Lastminute will get access to OTC’s 15 million online users, its flight, hotels, car and holiday content, its Build Your Own self-packaging technology and white labelling agreements with companies including Thomas Cook, Lunn Poly, Priceline and The Daily Telegraph. Lastminute is also interested in taking on OTC’s business travel unit, travelstore.com. OTC directors are recommending the deal to the company’s shareholders. Commenting on the deal, OTC chief executive Mark Jones said: “There is a strong commercial rationale for the transaction and I expect our customers to benefit from the wider range and quality of travel products and services the combined group will offer. In addition, OTC shareholders are receiving an attractive premium and, through their holding in lastminute.com, will have the opportunity to continue to participate in the high growth online travel and leisure sector.” An offer has been made through Merrill Lynch of 31 pence per share, valuing the company at about £54.9 million. The deal means OTC’s shareholders would replace their OTC shares with the relevant amount of Lastminute shares. OTC’s share price, listed on AIM, was about 23.5 pence on Tuesday, but had climbed 24% by 10.40am on Wednesday to 29.5 pence. Lastminute chief executive, Brent Hoberman said: “This acquisition represents a major step in lastminute.com’s development. The addition of OTC’s established corporate and white label operations to lastminute.com’s leading branded consumer businesses will create an even more powerful force in the online travel and leisure sector.” Lastminute is hot on the acquisition trail. It bought UK hotel and conference booking agency, First Option Hotel Reservations in January and car rental firm, Holiday Autos in March 2003. Back in July 2002, TravelMole touted Lastminute as the most likely candidate to buy OTC. Report by Ginny McGrath
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