Sabre Holdings Corporation
(NYSE: TSG) has announced the successful completion of its cash tender offer at $28.00 per share for the outstanding publicly held shares of Travelocity.com Inc. (Nasdaq: TVLY) common stock that Sabre did not own.
The offer expired at midnight, New York City time, on Friday, April 5. Sabre estimates that 14,337,359 shares of Travelocity common stock, including guaranteed deliveries, were tendered. The tendered shares combined with the Travelocity stock already owned by Sabre represent approximately 96 percent of Travelocity`s outstanding common stock, on an as-converted basis. Sabre has accepted for payment all validly tendered shares and will make prompt payment to the depositary for the accepted shares.
expects to complete a “short-form” merger in which Travelocity will become a wholly owned Sabre company. In the merger, each share of Travelocity common stock that was not tendered, other than shares owned by Sabre and stockholders validly exercising appraisal rights under Delaware law, will be converted into a right to receive $28.00 in cash without interest. Completion of the merger is expected on April 11.
Related stories on ITN:
(07/03/2002) Sabre Bids to Buy Rest of Travelocity
(05/02/2002) Travelocity Reports Sabre`s Proposal is Inadequate