smh:
BARELY eight months after entering the travel agency game, Surfers Paradise property group S8 is set to become the southern hemisphere’s biggest travel retailer.
S8 yesterday launched a $NZ235 million ($196 million) takeover bid for Gullivers Travel Group after winning the support of the New Zealand company’s founder and 26.8 per cent shareholder, Andrew Bagnall.
If successful, the deal will boost S8’s coverage to 2100 travel agencies (mostly franchises) in Australia, New Zealand, South Africa and the UK. This compares with Flight Centre’s 1500-odd outlets worldwide.
The $NZ2.35 a share bid helped Gullivers shares surge NZ69c to $NZ2.36 on the NZ Stock Exchange, while S8 shares rose 5c to $4.05.
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