Tourism Holdings cuts profit outlook as takeover bid emerges
According to RNZ Business, New Zealand-based Tourism Holdings has downgraded its full-year earnings outlook while disclosing that a private equity-backed consortium of major shareholders has submitted a revised takeover approach.
According to RNZ Business, New Zealand-based motorhome and travel operator Tourism Holdings has lowered its full-year profit guidance to a range below the previous outlook. The company said the downward revision is mainly due to weaker-than-expected rental demand in the Northern Hemisphere and higher fuel costs. Tourism Holdings also disclosed that a consortium of major shareholders, backed by a private equity fund, has submitted a revised takeover approach.
The NZX-listed company said it has established an independent committee to assess the proposal. The committee will use shareholder value, employment of staff and operational continuity as core criteria. According to analysts, the bid could be attractive for shareholders by adding a premium to the share-price pressure of the past three months; however, NZ regulatory approvals are flagged as an important calendar factor.
The NZ Commerce Commission said it has opened a preliminary review to assess concentration risk in the consumer-tourism sector. On the consortium side, a private-equity spokesperson committed to protecting staff and maintaining New Zealand-based operations. This article relays publicly available data; it does not constitute investment advice.
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