Webjet Group (ASX:WJL) has received an unsolicited, non-binding indication of interest from BGH Capital Pty Ltd to acquire a controlling interest in the company. The BGH Proposal outlines a cash offer of $0.80 per Webjet share, contingent on several key assumptions. These include specific cash level requirements, the absence of external debt, a halt to dividend distributions or share buy-backs, and a freeze on business acquisitions prior to the proposal’s implementation. BGH intends to acquire a controlling interest, but has expressed an openness for existing shareholders to retain equity, potentially maintaining Webjet’s public listing, subject to legal and tax considerations. To facilitate a binding proposal, BGH has requested due diligence access.
BGH’s existing stake in Webjet is 10.76%, revealed in a substantial shareholder notice lodged on May 12, 2025. This includes 5.89% held directly by BGH and 4.87% held by Portfolio Services Pty Ltd, associated with Ariadne Australia Ltd and Gary Weiss. Webjet previously detected an undisclosed buyer seeking up to 5.0% of the company’s shares at $0.80 per share, which was later confirmed to be BGH.
The Webjet Board is currently assessing the BGH Proposal and advises shareholders to take no immediate action. There is no guarantee the proposal will proceed. UBS Securities has been appointed as financial advisor, and MinterEllison as legal advisor. Webjet will update shareholders as the assessment progresses. The offer represents a significant development for Webjet and its shareholders, prompting careful evaluation by the board given the conditional nature of the non-binding proposal.
