DALLAS Hotel Reservations Network (HRN) accepted for purchase all validly tendered shares of common stock of TravelNow.com Based on a preliminary estimate, TravelNow stockholders had tendered 9,617,990 shares of TravelNow common stock, which together represent approximately 87.76% of TravelNow common stock on a fully diluted basis.
When combined with the shares of TravelNow common stock previous owned by HRN, and after payment of the tendered shares, HRN will own approximately 97.62% of the outstanding shares of TravelNow on a fully diluted basis.
HRN also announced that it expects, this week, to complete its acquisition of the entire equity interest in TravelNow in a merger providing for non- tendering holders of TravelNow common stock to receive the same $4.16 cash price per share as provided in the tender offer. (2/12/01)