Jetset Travelworld has not been able to meet a self-inflicted deadline to justify to shareholders why they should approve a $440 million merger with Stella, Australia's largest travel retailer.

The company's shareholders still have not acquired an explanatory memorandum and independent expert's report, which Jetset announced to release by last week, leading to speculation that the Foreign Investment Review Board is requiring more information about the proposed merger.

Jetset has promised the memorandum will have detailed information on the privately owned Stella and pro forma financial data about the merged entity.
Information on Stella has so far been confined to the fact that it made $30.9 million in pre-tax earnings last year, on revenue of more than $200 million. Jetset also diclosed it will acquire $40 million in debt from Stella.

A shareholder meeting to confirm the merger is scheduled to occur next month, although it is seen as a formality as Qantas, Jetset's controlling shareholder, has showed approval.

After the merger, Qantas will stay as Jetset's largest shareholder but with its stake thinned down from 58 per cent to 29 per cent. Other major shareholder, Spiros Alysandratos will have his stake down by half to 12.6 per cent.
The private equity group CVC, Stella's majority owner, will own 26.9 per cent, while UBS will have 17.9 per cent stake in the merged company.