S8's offer for Gullivers Travel unconditional

Queensland-based S8 said today its offer for Gullivers Travel Group was unconditional, but, as it neared complete control, it warned of a "material fall" once its offer closed.

S8 has 88 per cent control of the New Zealand travel company and can compulsorily acquire the remainder if it reaches 90 per cent.

S8 chairperson Jenny Hutson said Gullivers' share price was being supported by S8's bid and it was likely the Gullivers share price would fall - "and it may fall by a material amount" - once the offer closed. It was due to close on September 10.

Gullivers' shareholders are being offered $2.35 cash per share, a 40 per cent premium on the pre-bid price of $1.67 when the offer was announced in late May.

The bid has been assessed by the independent directors' committee as being at the top end of the valuation range.

- NZPA