Travel agency grouphelloworld has announced that it won’t be pursuing the acquisition of AOT Group, after it was unable to broker a deal with AOT shareholders on acceptable terms.
Less than two weeks after confirming it was in talks with AOT about a possible takeover, helloworld said the terms of the transaction would have resulted in the vendors of AOT becoming significant minority shareholders in HLO.
As a consequence, its board unanimously decided that the merits of the takeover were “insufficiently compelling”.
Meanwhile, the search for appointing a new helloworld chief executive continues and HLO says it will update the market in due course. Last month, helloworld revealed a financial year loss of nearly $200 million.
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