Expedia’s $700 million takeover of Wotif.com has been delayed as the companies wait on approval from a New Zealand regulator.
The $700 million foreign takeover of Wotif.com has been delayed by a New Zealand regulator.
Wotif’s shareholders last week approved the company’s takeover by global travel booking giant Expedia, and control was set to change hands from October 15.
But Wotif on Tuesday said the New Zealand Commerce Commission has “briefly delayed” its decision on the takeover, until October 21 at the latest.
Consequently, a Queensland Supreme Court hearing needed to approve the takeover’s scheme of arrangement will be delayed.
Wotif shares dropped 25 cents, or 7.6 per cent, to $3.04.
Expedia proposes to pay $3.06 per share, and a 24 cent per share special dividend.