Tourism Holdings in Spotlight: Key Developments Around Acquisition Proposal

June 16, 2025 04:13 PM AEST | By Team Kalkine Media

Tourism Holdings in Spotlight: Key Developments Around Acquisition Proposal — Image source: Shutterstock

The Proposal: Conditional but Strategic

The consortium has proposed to acquire all shares of Tourism Holdings via a scheme of arrangement or takeover offer, offering NZ$2.30 per share in an all-cash transaction. The offer remains subject to several key conditions, including the completion of due diligence, securing debt funding, and final approval from BGH Capital’s Investment Review Committee. Another significant clause is the requirement for the company’s board to unanimously recommend the offer—only if no superior proposal emerges and the valuation aligns with independent assessments.

Stake Acquisition Signals Intent

As a part of its strategic positioning, BGH Capital has already acquired a 19.99% interest in Tourism Holdings. This includes 11.8% obtained through a Co-Operation and Exclusivity Agreement, with an additional 8.2% acquired from other market participants. Notably, some of these acquisitions contain provisions for escalation payments if the shares are later sold at a higher price.

Company Response and Strategic Evaluation

Tourism Holdings’ board has acted swiftly, forming a subcommittee to independently evaluate the proposal. To maintain governance integrity, Luke Trouchet has stepped aside from evaluation duties and taken a leave of absence from the board. The company has engaged financial and legal advisors to support the assessment process.

Ongoing Operational Focus

Despite this takeover buzz, the company continues to address recent operational challenges. Macroeconomic pressures such as subdued consumer confidence and geopolitical uncertainties have impacted recent performance. In response, strategic initiatives are being deployed to strengthen business fundamentals, with the board committed to keeping the market informed as developments unfold.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.