Discussions terminated with immediate effect.
Helloworld has just confirmed that it has been unable to reach agreement with AOT shareholders on acceptable terms for a potential acquisition of the business.
As revealed earlier this month (TD 02 Sep) Helloworld was in discussions about the purchase of AOT, but now says the terms of the transaction “would have resulted in the vendors of AOT becoming significant minority shareholders” in Helloworld.
According to an ASX update just released, the Helloworld board has unanimously concluded that the “strategic and financial merits of the acquisition on the terms proposed were insufficiently compelling to warrant proceeding with the transaction”.
The company said it remains focused on its existing strategy, and is “making strong progress to future proof its business and drive returns for shareholders, agents, industry partners and consumers”.
More information in tomorrow’s issue of Travel Daily.