Highlights

  • THL has granted due diligence access to the BGH Capital-led consortium for a potential acquisition at NZ$3.10 per share.
  • The Board has not recommended the offer and is still assessing THL’s intrinsic valuation.
  • Any binding proposal is expected to be at or above NZ$3.10 per share, subject to further negotiations.

Overview

Tourism Holdings Limited (NZX:THL) has granted due diligence access to a consortium led by BGH Capital and the Trouchet family for a potential acquisition at an indicative price of NZ$3.10 per share. The decision follows earlier discussions and a revised non-binding proposal, with the Board seeking confirmation of valuation alignment before proceeding. While access has been granted, THL has not made any recommendation or committed to a transaction. The Board continues to evaluate the company’s intrinsic value and will keep shareholders updated on any material developments.

What Did THL Agree to in the BGH Consortium Proposal?

THL has agreed to provide due diligence access to the BGH Capital-led consortium, following its revised non-binding offer of NZ$3.10 per share. This access allows the consortium to further examine THL’s financials and operations before submitting any binding proposal. However, the Board has clearly stated that this step does not represent support or endorsement of the offer. The agreement is conditional on confidentiality arrangements, and the Board retains full discretion over any future transaction decision.

Does This Mean a THL Takeover at $3.10 Is Likely?

While due diligence access is a positive step toward potential acquisition discussions, it does not guarantee a takeover will occur. THL’s Board has not recommended the offer and continues to assess the company’s intrinsic valuation. The consortium has indicated willingness to proceed at $3.10 per share, but any binding offer would depend on findings from due diligence. The Board expects any final proposal to reflect fair value and remains open to further engagement based on shareholder interests.