Webjet operates as an online-only consumer travel platform and separated from its former parent, now called Web Travel, in a demerger around two years back. The split immediately put Webjet in play as a takeover candidate, drawing interest from multiple bidders.
Helloworld claims it tabled a $1-per-share offer in September last year and never received any acknowledgement from Webjet’s then chair or board. Facing silence, Helloworld says it withdrew the proposal, even though it was materially higher than a competing offer already on the table.
The previously known offer at the time came from BGH Capital and Ariadne Investments, which had jointly pitched an 80¢-per-share buyout for Webjet. Helloworld later returned with a new, publicly disclosed offer pitched at 90¢ a share, below the allegedly ignored $1 bid but still above the initial BGH and Ariadne proposal.
BGH Capital and Ariadne, an investment vehicle linked with well-known corporate raiding activity, responded by nudging their joint offer up to 91¢ per share. The rapid bid changes show how contested Webjet’s valuation has become between strategic and financial buyers.
