Tourism Holdings shares surge following $472m takeover bid
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More news: Shares in Tourism Holdings surged on Monday afternoon, trading higher than the price offered by a takeover bid from a consortium of BGH Capital and the Trouchet family announced this morning worth $472 million.
Tourism Holdings’ share price on the ASX had risen 66% to $2.15 at 2:20pm AEST while on the New Zealand Stock Exchange it had risen 58% to NZ$2.31.
The takeover consortium has proposed to purchase the Tourism Holdings shares it doesn’t already own for NZ$2.30 ($2.13).
BGH Capital, Trouchet family table $472m bid for NZ’s Tourism Holdings
The news: New Zealand-based caravan company Tourism Holdings (THL) has received a takeover bid from a consortium of BGH Capital and the Trouchet family - whose Apollo Motorhomes merged with THL in 2022 - that would value the company at around NZD509 million ($472 million).
The numbers: On Monday morning, the dual New Zealand and Australian stock exchange listed tourism company said it received an unsolicited non-binding takeover proposal from the Consortium, on Sunday, to buy all shares in the company for NZD2.30 in cash each.
The consortium is also open to considering a transaction that would result in a controlling stake but not complete ownership of THL.
At the same time as the takeover bid was announced, THL also told the exchange that BGH Capital has acquired a relevant interest in 19.99% of THL’s shares on issue. The Trouchet brothers currently hold an 11.795% stake in THL.
The context: Luke Trouchet is the chief executive of Apollo Motorhomes while Karl Trouchet is the company’s chief financial officer. Founded by their parents in 1985, the campervan business eventually merged with THL in 2022.
"Given his involvement in the consortium bid, Luke will take a leave of absence from his executive role with THL and will not be involved in board or subcommittee meetings convened to consider the deal."
The source: ASX
