Worldchoice recommends £6m takeover by TTA
Worldchoice looks poised to be taken over by the non-ABTA Travel Trust Association in a £6 million deal.
The board of Worldchoice UK, which has 457 agency outlets, has recommended the offer from the 374-member TTA at £2.75 per share rather than an alternative from Global Travel Group owner Stella Travel Services.
Worldchoice said its membership of the Triton Travel Group as a shareholder and founder member will not be affected by the TTA bid.
“Worldchoice members will still receive all the benefits that have been planned through co-operation within Triton and, in particular, the very attractive exclusive deals that Stella Travel Services are planning to roll out to members of the consortia within the group in the near future,” a statement said.
“Provision has also been made for a very attractive financial benefit for members who remain with the consortium and meet specified support criteria.”
Worldchoice shareholders will be asked to vote on the offer at an EGM to be held within a few weeks. A minimum of 75% of shareholders is needed to vote in favour for the deal to be accepted.
TTA founding director Todd Carpenter said: “We are delighted that the Worldchoice board has assessed our offer and agreed to recommend it to its shareholders.”
The considerable benefits that the TTA can offer Worldchoice members, combined with the benefits which Worldchoice can offer, together with its great consumer brand, provides some tremendous assets that can really drive profitability for the members, he said.
Carpenter said he hoped the EGM would be concluded by the end of the month.
He claimed that the blending of the two cultures would be easy as they were already similar. Carpenter stressed that the Worldchoice name would be retained as the retail brand.
Worldchoice chairman Colin Heal said: “The TTA (2007) offer gives a very realistic valuation of our business and with TTA’s plans for investing in the consortium’s future, the board is very happy to recommend to the Worldchoice shareholders that they accept the Offer for their shares.
Worldchoice said the benefits resulting from the merger are:-
*Retention of and investment in the Worldchoice brand;
*Retention of the Worldchoice regional structure and the members’ consultative council;
*Retention of the Peterborough head office and its 23 staff;
*Worldchoice representation on the new combined board.
by Phil Davies
Phil Davies
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