Webjet (WJL AU) (Further) Rolls Over After Ariadne & BGH Terminate Co-Op

May 20, 2026

∙ Paid

On the 12th May 2025, BGH and Portfolio Services, an entity associated with Ariadne Australia (ARA AU) and Gary Weiss, proposed a A$0.80/share cash Offer for Webjet Group (WJL AU).
That kickstarted a competitive bidding situation with Helloworld Ltd (HLO AU), culminating in Webjet ceasing discussions with both Helloworld and BGH/Weiss on the 13th Feb 2026.
Then crickets. BGH and Ariadne have now terminated their partnership. Webjet concurrently announces okay FY26 numbers. The share price is currently ~54% adrift of Helloworld & BGH/Ariadne’s NBIOs.

The Trade:

At this price level, I doubt Helloworld Ltd (HLO AU), Ariadne Australia (ARA AU), and/or BGH are out of the picture.
Still, absent an Offer (indicative or otherwise), I’d be looking elsewhere.
The share price fell 15% as I typed this note.

Keep reading with a 7-day free trial

Subscribe to Aussie/Kiwi M&A/Events to keep reading this post and get 7 days of free access to the full post archives.