Webjet (WJL AU): CEO’s Surprise Exit May Kickstart Takeover Discussions

• After some competitive jostling late last year, Helloworld Ltd (HLO AU) and BGH Capital tabled all-cash NBIOs for digital travel agent Webjet Group (WJL AU) at A$0.90/share and A$0.91/share respectively.

• Following protracted due diligence, neither suitor firmed proposals worthy of putting to shareholders, and Webjet subsequently ceased discussion on the 13th February. The share price promptly cratered.

• Katrina Barry has now resigned as chief executive - less than two years into her new role - and just five weeks after the departure of her boss, David Galt.

Webjet Group (WJL AU) is illiquid. Look away now if this is not your bag.

---

The Trade:

• Webjet is still very much in play.

• Barry’s departure not only establishes a leadership vacuum; but potentially removes the legal uncertainty surrounding an unfair dismissal case.