What happened with Helloworld Travel (ASX:HLO) and Webjet Group (ASX:WJL)?

Helloworld Travel (ASX:HLO) increased its stake in Webjet Group (ASX:WJL) to 19.95 per cent, positioning itself just below the mandatory takeover threshold under Australian corporate law.

Why is the 20 per cent stake mark critical for Helloworld Travel (ASX:HLO)?

Under the Australian Corporations Act, reaching or exceeding a 20 per cent shareholding triggers a legal requirement for Helloworld to launch a formal, full takeover bid for Webjet Group (ASX:WJL).

What were the previous takeover offers tabled for Webjet Group (ASX:WJL)?

Helloworld initiated the current contest on November 19, 2025, with a non-binding, all-cash proposal to acquire Webjet Group (ASX:WJL) at 90 cents a share. Two days later, the then-unified BGH Capital and Ariadne consortium countered with a superior non-binding offer of 91 cents a share.

Why did the rival bidding consortium for Webjet Group (ASX:WJL) split up?

The article does not disclose the specific strategic reasons behind why private equity firm BGH Capital and Dr Gary Weiss’ investment vehicle, Ariadne Australia, parted ways. However, the dissolution leaves the former partners holding separate, individual stakes in Webjet Group (ASX:WJL). BGH Capital now controls a 13.26 per cent stake, while Ariadne Australia holds 5 per cent.

How does Webjet Group’s (ASX:WJL) share price compare to the bidding prices?

At the time of reporting, Webjet Group (ASX:WJL) was trading at 46 cents a share, which is significantly lower than both the 90 cents and 91 cents takeover proposals. This massive discount implies that the broader public market is highly skeptical that a deal will actually close at those premium valuations.

What are the bull and bear arguments for Webjet Group (ASX:WJL) right now?

The bull case rests on a highly competitive bidding war, as Helloworld's 19.95 per cent stake blocks other players and signals deep strategic value. The bear case centers on the company's underlying fundamentals, with the text explicitly describing Webjet as a "flailing" online travel agent.

Image for illustrative purposes only. Not a real photo.

Webjet battle heats up as Helloworld ups stake

Written by Brie CarterPublished May. 21 2026

The takeover battle for Webjet Group (ASX:WJL) has intensified after Helloworld Travel (ASX:HLO) increased its stake to 19.95%, positioning itself on the absolute brink of the Corporations Act's mandatory takeover threshold.

Under Australian corporate law, Helloworld will be legally required to launch a formal, full takeover bid if its shareholding touches or exceeds the 20% mark.

Without triggering a full offer, the company is restricted to increasing its stake by a maximum of 3% every six months.

A consortium consisting of private equity firm BGH Capital and Dr Gary Weiss’ investment vehicle, Ariadne Australia, recently parted ways.

The dissolution of their partnership leaves BGH and Ariadne holding separate Webjet stakes of 13.26% and 5%, respectively.

The corporate maneuvering underscores a highly competitive corporate tussle for control of the flailing online travel agent.

On Nov. 19, 2025, Helloworld initiated the current contest with a non-binding, all-cash proposal to acquire Webjet at 90 cents a share, conditional upon a unanimous recommendation from the target's board of directors.

Just two days later, the then-unified BGH and Ariadne consortium countered by lobbing a superior 91 cents per share non-binding offer.

The updated bid represented an increase from an initial 80 cents per share approach that the consortium had originally tabled back in May.

At the time of reporting, the share prices of Helloworld Travel and Webjet Group were $1.42 and $0.46, respectively.