Online travel business, Wotif.com (WTF) has extended its offer period for its takeover of travel.com.au (TVL) on Thursday.
The offer will now end on 31 January 2008, instead of the original 11 January 2008.
In addition, it has declared its bid for TVL free of conditions.
The online accommodation business said it now holds a relevant interest of 83.3% of the ordinary shares in TVL.
If it receives at least 90% acceptances, the sale price will increase from 55 cents per shares to 57 cents per share.
TVL said on Wednesday, Wotif's chief executive officer Robbie Cook and chief financial officer Craig Dawson have been appointed directors of TVL effective immediately.
TVL received the first takeover bid from Webjet on 4 October. It made an offer of 22 cents in cash and 0.021 Webjet shares for each TVL share.
The bid was followed by an offer from Wotif, Australia's largest online hotel booking service.
Both companies made revised offers, until the board of directors recommended what they believed to hold the best value for shareholders.
Ultimately it was Wotif's offer that was unanimously recommended – it offered a 57% premium to the value of the shares immediately prior to the commencement of the corporate activity.
It offered 55 cents in cash for each TVL share or between 0.0982 and 0.1146 Wotif shares per TVL share if minimum acceptance of 75.1% from TVL shareholders is reached.
"This scenario values TVL at approximately $55 million," Wotif.com had said.
Wotif listed on the Australian Stock Exchange in 1999, and is included in the S&P/ASX 300 index.
Wotif shares fell 1.09% to $5.34 at 12.04PM AEST, whilst TVL rose 0.9% to $0.565 at 11.05AMAEST.
