Expedia glides through Orbitz hoops

Expedia glides through Orbitz hoops

The powerhouse that is Expedia is now one step closer to acquiring Orbitz Worldwide.

At its annual stockholders meeting in Chicago, Orbitz stockholders approved the merger agreement, signing off on the acquisition of Orbitze Worldwide by Expedia, Inc.

Approximately 74% of the shares outstanding voted in favour of the transaction, while more than 99% of the votes cast were in favour.

Expedia and Orbitz announced the entry into the merger agreement on February 12 this year, with Expedia agreeing to acquire all outstanding shares of Orbitz Worldwide at $12 per share.

In March, the U.S. Department of Justice requested documents from Orbitz and Expedia in order to review the acquisition. The companies did not say when they expect the deal to close.

Orbitz Worldwide, which includes Orbtiz.com and Cheaptickets.com, was speculated to have been looking to offload for some months as it had been reaching out to potential buyers, news sources claimed.

The transaction also remains subject to additional customary closing conditions.

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