Australia's Wotif Bids $44 Million for


Australian accommodation Website firm Holdings said on Monday it planned to make a takeover offer for online travel agency, topping a rival bid. said in a statement it would offer 50 cents cash or a scrip alternative of between 0.0893 and 0.1042 of its own shares for each share. The cash offer values at A$49.8 million (US$44 million).

That is higher than a A$42.3 million offer for from online travel company Webjet last month. management had recommended the Webjet offer, in the absence of a superior bid emerging. This sent's shares surging.

On Monday, said its offer was superior to Webjet's.

"Our offer provides a higher price but also gives shareholders full flexibility to accept either 100 percent cash for their shares or to retain a shareholding in the combined group," the company said in a statement.

It said the takeover would generate attractive cost savings and would boost earnings for the 2009 financial year, the first full year after the acquisition. offers last-minute accommodation deals in 40 countries, according to its website, while offers flights, accommodation and travel packages.