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FLIGHT CENTRE STOCKS CRASH 16% AFTER MANAGEMENT BUYOUT SHELVED.
SYDNEY, March 1 Asia Pulse - Shares in travel agency Flight Centre (ASX:FLT) have plunged almost 16 per cent today after shareholders voted against a $A1.6 billion ($US1.26 billion) proposed management buyout. At 1016 AEDT, the price dropped 13.26 per cent or $A2.29 ($US1.80) to $14.60.
At 1011 AEDT, however, the decline was as much as 16 per cent, although it recovered slightly shortly after to a drop of 11.07 per cent to $15.02, a fall of $1.87.
The decline comes after the company said yesterday that it was unable to achieve the required 75 per cent approval from shareholders in a vote on the buy out plan.
Flight Centre chairman Bruce Brown said the outcome of yesterday's vote was unexpected.
"While this is an unexpected outcome, it is very much a case of business as usual in the company's ...
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Warnaco abandons management buyout plan NEW YORK (FNS) - Warnaco, Inc., has dropped plans for a management buyout and replaced it with a massive...Warnaco said it was abandoning its management buyout plan, which proposed paying...
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...announcement Wednesday that it will launch a management buyout in cooperation with Japan Industrial...meeting, urged the firm to conduct a management buyout. But SunTelephone's management...study the possibility of a defensive management buyout. When Dalton initiated a takeover...
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- News wire article from: AsiaPulse News December 24, 2002 700+ words
...Dec 24 Asia Pulse - The word MBO (management buyout) is frequently seen in Chinese media...capital contribution, the funds for management buyout may be raised in large scale through...are the main approach to facilitate management buyout, which is also a common international...
Source: HighBeam Research, FLIGHT CENTRE STOCKS CRASH 16% AFTER MANAGEMENT BUYOUT SHELVED.