ChaPaVe Partners Plans Tactical Tender Offer for TZOO Shares in Strategy to Enable Going Private

Sep 09, 2011, 08:00 ET from ChaPaVe Partners

NEW YORK, Sept. 9, 2011 /PRNewswire/ -- ChaPaVe Partners plans to commence a Tactical Tender Offer (TTO) for up to 1,500,000 shares of the outstanding shares of Travelzoo Inc. (NASDAQ: TZOO) common stock subject to certain conditions.

The TTO is subject to the following terms:

1. The TTO is offered for shares of common stock.  We encourage all 150 institutional investor shareholders to add to their holdings in order to reduce the number of shareholders as part of our tactical strategy.  

2. The offering price for the shares to be tendered is $40.00 per share.

3. The offer will be subject to certain conditions.  One condition is that ChaPaVe will meet with Travelzoo's management and board of directors in order to complete due diligence.  Another condition is that ChaPaVe obtains a financing commitment no later than October 18th, 2011, subject to possible extension.  

4. ChaPaVe may choose not to move ahead with the TTO if Travelzoo experiences any material adverse change in its business or if there is a material change of its share price as of the date of this announcement.

Assuming the remaining shares are successfully tendered to ChaPaVe, Travelzoo will be in a position to examine a going private initiative with ChaPaVe because they have a longer-term strategic view.

Shareholders of Travelzoo are advised to read the TTO when it becomes available on October 18, 2011 because it will contain important information. Investors may obtain the tender offer statement and other filed documents for free at the Securities and Exchange Commission's web site.

All inquiries, including media inquiries, should be sent to Read Rankin via email at rrankin@chapave.com. Investors can obtain the TTO documents at www.chapave.com when they are available.

Statements contained herein that are not historical facts, including but not limited to statements about ChaPaVe Partners, may be forward-looking statements that are subject to a variety of risks and uncertainties. There are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by ChaPaVe Partners, including, but not limited to, the continuing development of the ChaPaVe Partners strategic plans.

SOURCE ChaPaVe Partners



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