Highlights

  • Tourism Holdings has received a new non-binding indicative offer valued at NZ$3.30–NZ$3.40 per share.
  • The proposal comes from a strategic buyer and is subject to due diligence, approvals, and other conditions.
  • The company is also continuing discussions with the BGH Consortium regarding due diligence access.

Overview

Tourism Holdings Limited (NZX:THL) has announced that it has received an additional non-binding indicative offer from a strategic buyer seeking to acquire 100% of the company’s shares. The proposal values THL at between NZ$3.30 and NZ$3.40 per share and remains subject to several conditions, including due diligence, regulatory approvals, and board endorsement. While the Board has agreed to provide due diligence access under a confidentiality agreement, no decision has been made regarding a transaction. Meanwhile, discussions with the BGH Consortium regarding a separate proposal remain ongoing.

Why Has Tourism Holdings Granted Due Diligence Access to the New Bidder?

The Board has agreed to allow the strategic buyer to conduct due diligence after both parties entered into an appropriate confidentiality agreement. This step enables the bidder to assess the company’s operations, financial performance, and future prospects before deciding whether to submit a formal offer. However, granting due diligence access should not be interpreted as an endorsement of the proposal. The Board emphasized that it has not recommended any transaction and will continue evaluating all opportunities with the objective of maximizing value for shareholders.

What Is the Latest Status of Discussions With the BGH Consortium?

Tourism Holdings confirmed that it remains engaged in discussions with the BGH Consortium regarding the terms of a confidentiality agreement. If finalized, the agreement would allow the consortium to begin its own due diligence review of the company. The Board stated that it remains open to working constructively with BGH while ensuring any arrangements are in the best interests of shareholders. At this stage, neither the new strategic buyer’s proposal nor the revised BGH proposal guarantees that a transaction will ultimately proceed.