SOUTHLAKE, TX— Sabre Holdings Corp., a provider of technology, distribution and marketing services for the travel industry, has commenced its cash tender offer for all of the outstanding publicly held common shares of Travelocity.com that Sabre does not own. Sabre currently owns approximately 70% of the outstanding common stock. Sabre is offering $23 per share to acquire the balance of Travelocity.com common stock (approximately 15 million shares), representing a 19.8% premium over the closing price of $19.20 on Friday, February 15, 2002, the last trading day before Sabre announced its intention to commence the tender offer. The offer is conditioned on the tender of a number of shares sufficient to bring Sabres ownership interest in Travelocity common stock to at least 90% on an as-converted basis. Once the tender offer and the merger are completed, Travelocity will become a wholly owned Sabre company. Sabre does not plan to change Travelocitys executive team, strategic direction, or brand.
Previous ArticleMarriott, Starwood Battle For Business Travelers
Next Article Orient-Express Hotels Posts 2001 Results