I think there's a strong chance of a takeover. There are large...

I think there's a strong chance of a takeover. There are large travel companies that must be looking to join with or take over others in preparation for the post-Covid world, and for whom Webjet is a good fit. I'm thinking Spain's HotelBeds, but there are others. With many smaller companies going to the wall, it makes sense to get bigger now through acquisition while prices are low, than on the takeover hunt later. The same things that attracted buyers in January are still there: quality and future value of the business (especially WebBeds), strong management, strong regional position, a global brand.

As distant as it seems at the moment, Covid and travel restrictions will end. I think Webjet is a good target for any big company now looking to position themselves for that time. I can even see logic in Flight Centre and Webjet merging. Either way, I can see the Webjet board recommending it, as I don't imagine they are pinning their hopes on organic growth taking the company higher than it currently is priced.