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NZ’s Tourism Holdings resists takeover bid

30 MAY: One of NZ’s biggest tourism companies is recommending against acceptance of a takeover bid.

Tourism Holdings Ltd (THL), which owns the Britz and Maui motorhome businesses in Australia and NZ, and NZ’s Waitomo Glowworm Caves, has been targeted by a NZ-registered group called Ballylinch.

Ballylinch is offering $NZ0.67c for the 40% of THL is doesn’t already own.

That would give it just over 50% of total shareholding.

But THL says the price is materially below a "fair value range" determined by an independent advisor.

It says the advisor is suggesting somewhere between 97c and $1.27c a share.

Shares closed at 70c on Friday.

THL last week reported a likely improvement in earnings for the year to 30 June, saying it expects to reduce an earlier-forecast loss of $NZ4 top $NZ1.4m.



 
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News in Brief for 22 May

GREEK CANCELLATIONS Europe low-fare carrier Ryanair has reportedly confirmed that it will cut 82 flights a week to the Greek holiday islands of Rhodes and Kos after local authorities allegedly failed to honour a joint summer marketing campaign with the airline.

STANSTED STRIKE Baggage handlers at London’s Stansted airport plan a series of strikes from this weekend after negotiations on shift changes broke down. The 150 workers are employed by Swissport, which handles baggage for Ryanair and a number of UK holiday airlines.

AIRLINE DENIES CUTS Air France-KLM denied plans to cut 5,000 jobs by 2015 through a voluntary redundancy plan, as reported by French daily Le Figaro. "For the moment there are absolutely no negotiations about possible job cuts, these are just rumours," a spokeswoman told reporters.

MEXICAN REVIVAL? Mexicana Airlines, which suspended flights for financial reasons in August 2010, may re-launch operations next month after Spanish hotel and air transport group Med Atlantica acquired 95% of the bankrupt carrier’s shares.

THAI SACKING The board of Thai Airways is reported to have sacked the airline’s chairman, with a spokesman saying he was "unable to work in unity with the strategy committee".