S8 lifts Gullivers stake

Queensland travel company S8 increased its stake in takeover target Gullivers Travel Group to 38.92 per cent yesterday.

ASX-listed S8 is offering $2.35 a share in cash for NZX-listed Gullivers with the takeover conditional on achieving at least 50 per cent acceptance.

Investors would be entitled to a special 5c a share dividend should the bid go unconditional. A target company statement recommending the offer be accepted should be sent to shareholders in the next few days.