WTF management really needed to innovate and buy some higher...

WTF management really needed to innovate and buy some higher growth startups when it had the leverage ie when its share price was over $5.

But like most dinosaurs and professional CEO's/management teams it moved too slow, tried to focus on protecting its main business line as it was getting eaten into from increased competition and disruption.

Quite common when a big dumb company is faced with the innovators dilemma -

http://web.mit.edu/6.933/www/Fall2000/teradyne/clay.html

WTF has officially gone from the hunter to the hunted.

That said I would expect to see a 50% premium if it were to be taken over by Expedia or Priceline at current levels.  It's a winner takes all market and you must have global scale, not only scale in Australia.