Tourism Holdings Ltd (THL) has received an additional takeover offer, with a strategic buyer offering between $3.30 and $3.40 a share for the campervan and tourism operator, valuing the company at around NZ$750 million.
The non-binding indicative offer (NBIO) is for 100% of the company’s shares while no detail is given by the board as to who the offer is from, nor whether they have any shareholding.
It comes as a consortium led by Melbourne-based private equity firm BGH Consortium also continues discussions with THL.
THL said the latest proposal came from what the board considers to be a “credible strategic buyer” and it had agreed to grant the party due diligence access under a confidentiality agreement.
The indicative offer is subject to several conditions, including satisfactory completion of due diligence, final board approval, required third-party consents and regulatory approvals, including any required anti-trust approvals. It is also conditional on the THL board unanimously recommending shareholders accept the proposal, subject to customary fiduciary carve-outs.
The board stressed that granting due diligence access does not amount to a recommendation in favour of a deal and said there is no certainty either the new proposal or the BGH consortium’s revised non-binding offer will lead to a transaction.
THL also said it remains in negotiations with the BGH consortium over the terms of a confidentiality agreement that would allow the group to begin its own due diligence investigations.
The latest proposal follows a revised non-binding offer received last month from a special purpose vehicle representing a consortium of BGH Capital and the family interests of Luke and Karl Trouchet. The consortium, which owns about 19.9% of THL, increased its indicative all-cash offer to $3.10 a share.
In August last year, THL has rejected a $2.30 per share takeover offer from BGH Capital, stating the proposal was “well below a level that the board can engage with”.
