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.




