By Heather McLean, 9 April 2002 12:24
NEWS Travel industry services company Sabre is set to complete its takeover of Travelocity.com after acquiring the remaining stake in the company. Sabre said it will complete the $420m takeover this Thursday. The deal will see Sabre pay $28 for each outstanding share to acquire the 30 per cent of Travelocity it doesn't already own. Shareholders and a committee of Travelocity directors had previously refused to take Sabre's previous bid of $23 per share stating it was "inadequate and opportunistic". Sabre formed Travelocity in 1996 and spun off the company in March 2000.
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