Travelport Agrees to an Unattractive $15.75 Take-Private Offer; Downgrading Stewardship
We view the proposed take-private $15.75 per share offer for Travelport made by asset managers Siris and Elliott as disappointing for shareholders. The bid implies an 11 times on a $1.40 2019 earnings multiple versus the 13 times implied in our $18.10 valuation (which we don't expect to materially change). This is well below the 18 times and 22 times forward EPS multiple investors have paid for narrow-moat peers Sabre and Amadeus on average the past five years, despite our view of high-single-di...
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