Webjet Group Limited has received an unbinding offer to sell a controlling stake to BGH Capital.
The offer has proposed an acquisition value of $0.80c a share (currently $0.90c) for an undisclosed percentage of controlling equity.
In a prior notice lodged by BGH on Mon, the equity group outlined a total relevant interest of 10.76% of fully paid ordinary shares in Webjet Group.
That equity is comprised of 5.89% held by BGH and 4.87% held by Portfolio Services Pty Ltd, an entity associated with Ariadne Australia Ltd and Gary Weiss.
BGH Capital said the tilt at buying a controlling interest is subject to assumptions relating to cash levels, no external debt, no dividends, and no acquisitions prior to implementation.
BGH also indicated in its submission that it is open to “some” existing shareholders retaining equity in the business and also listed an interest in ongoing liquidity by retaining Webjet Group’s ASX listing.
The latest development follows Helloworld subsidiary Retail Travel Investments purchasing over 5% stake in Webjet over the last month.
The Webjet board said it was assessing the bid and currently makes no recommendation either way, with the company’s shareholders to be updated in due course when appropriate.
UBS Securities has been appointed by Webjet Group as financial adviser and MinterEllison as legal adviser.
