Lastminute shares climb on takeover rumours
Rumours that Lastminute.com could be about to be taken over by a US based travel company continue to gather pace.
Analysts believe that the fact that the online retailer’s shares have been trading at a consistently high level for over a month could mean that there is substance behind the speculation.
Likely bidders include US travel giant Cendant – which could certainly afford the purchase. It has recently acquired companies including Galileo, cheaptickets and car rental firm Budget. Other possible bidders include Expedia and Travelocity.
A link up with one of of the big three vertically integrated companies is also a possibility, with TUI the main contender. Earlier this month TUI took a majority stake in The First Resort which works closely with Sky Travel, while Lastminute unveiled details of a digital link up with Sky in June.
This morning (Thursday) Lastminute shares were trading at a year high of 214 pence after breaking the 200 pence earlier in the week. Meanwhile lastminute rival ebookers is also benefiting from the rumours – with its shares this morning also trading at a year high of 537pence.
A Lastminute spokeswoman said the company was unable to comment on market speculation.
See our recent stories:
14 Jul 2003TUI takes majority stake in The First Resort
13 Jun 2003Lastminute shares Sky-rocket
15 May 2003 Lastminute upbeat despite loss
31 Mar 2003 Interview: David Howell, chief financial officer, Lastminute.com
28 Mar 2003Lastminute’s DIY packages boosted by Holiday Autos deal
14 Oct 2002: Interview: Brent Hoberman, ceo and co-founder, lastminute.com
26 Aug 2002Cendant to buy Budget for $107.5m
19 Mar 2002 The TravelMole Interview: Helen Baker, Lastminute.com
14 Aug 2001Cendant buys Cheap Tickets
19 Jun 2001GDS firm Galileo sold to Cendant in $2.9 billion deal
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