New Zealand's competition regulator has cleared online travel giant Expedia Inc to purchase Wotif.com Holdings Ltd, leaving just one final regulatory hurdle for the A$699 million ($610 million) deal.Concerns had been raised by hoteliers about the deal and the increased market share Expedia would have in some markets, knocking shares in Wotif.com on worries the deal might not be approved."All of the conditions precedent to the scheme of arrangement, save for approval by the Supreme Court of Queensland, have now been satisfied," Wotif.com said in a statement."A final hearing will be held at the Queensland Supreme Court tomorrow morning. It is expected that the final Court orders will be given at this hearing."
Expedia, Inc. (Expedia), is an online travel company. Shares of EXPE traded higher by 1.13% or $0.96/share to $85.93. In the past year, the shares have traded as low as $58.10 and as high as $89.26. On average, 2223920 shares of EXPE exchange hands on a given day and today's volume is recorded at 2654424.
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