Australia's Webjet Group draws sweetened buyout bid from BGH Capital as bidding war brews

Australia's Webjet Group is at the center of a takeover battle as BGH Capital raises its bid to A$0.91 per share, surpassing Helloworld Travel's A$0.90 offer. The bids, both conditional and non-binding, highlight growing competition for the online travel agency. BGH, holding an 18.3% stake, seeks due diligence, which Webjet's board has agreed to. The offer requires a 75% acceptance threshold and regulatory approvals. Webjet recently reported a 9% decline in first-half earnings, citing cost-of-living pressures on travel demand.