"Today's offer from Sabre is an endorsement of the achievements
of everyone at lastminute.com," said Brent Hoberman,
CEO of
lastminute.com – who will be kept on as
CEO
of the
combined lastminute.com and Travelocity European operation.
Travelocity European, which is owned by leading travel
corporation Sabre Holdings, is expected to improve its position in
the growing European on-line travel market as a result of the
acquisition.
Hoberman and Martha Lane Fox, who left the firm in 2003, set up
the company in 1998, floating the firm almost two years later at
the peak of the dot.com boom. It remains one of the very few
dot.com brands from the
UK
that achieved and sustained
a high profile.
At the time of the floatation the company boasted a debut share
price of 380p, valuing it at more than £500 million. However, the
share price slumped to just 17p in September the following year,
prompting speculation that the company would collapse. The share
price has recovered slowly since.
According to Brian Collie, Chairman of lastminute.com:
"The lastminute.com directors considered this offer from Sabre
very carefully. While we all acknowledge lastminute.com's future
prospects, we believe that this offer represents an excellent
opportunity to deliver significant, certain value to shareholders
now and to build an even stronger business for the future."
The deal has still to be approved by shareholders.
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