Travelocity Backs Sabre’s Buyout Bid
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Online ticket seller Travelocity.com Inc. urged shareholders to accept a $420-million takeover bid from Sabre Holdings Corp. after the reservations giant sweetened its offer by 22%.
Should shareholders follow Travelocity’s recommendation and accept the $28-per-share bid, the merger would create one of the world’s most far-reaching travel companies, offering reservation services to everyone from travel agents and corporate clients to Web-savvy bargain hunters.
It also would reunite two former allies. Sabre spun off Travelocity.com in March 2000 through a reverse merger with Preview Travel but maintained a 30% equity stake and a 15% voting stake in the company.
Travelocity shares rose $1.07 to $27.97 on Nasdaq. Sabre fell 1 cent to $45.35 on the NYSE.
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