Takeover bid for campervan company

Tourism Holdings Ltd (THL) has received an unsolicited takeover proposal from a consortium comprising Australian private equity firm BGH Capital and the family interests of Luke and Karl Trouchet.

The tourism and campervan operator announced details of the $2.30 per share offer to the NZX on June 16, noting the consortium wants to acquire all the company’s shares by way of a scheme of arrangement or a takeover offer. 

The non-binding proposal also indicates the consortium is open to considering a transaction structure that results in a controlling interest but does not result in 100 per cent ownership of THL. 

BGH Capital has a 19.99 per cent relevant interest in THL shares, while Luke Trouchet is an executive director of the New Zealand-based company.

THL’s statement to the NZX explains that because of Trouchet’s involvement with the consortium he has taken a leave of absence from his executive role. 

A board subcommittee of Cathy Quinn, Rob Hamilton and Sophie Mitchell has been established to consider and assess the merits of the takeover offer. 

“THL’s board and management are very aware of THL’s recent performance, which has been largely influenced by factors beyond the company’s control, such as the impact of poor consumer confidence on the demand for recreational vehicles, and recent geopolitical and tariff developments impacting travel sentiment,” the company says. 

“Over the last few months, THL has been working on a range of initiatives to address these performance challenges and enhance long-term value for shareholders. 

“THL expects to update the market on these initiatives and their outcomes at the appropriate time.” 

The statement adds the board will act in what it considers to be the best interests of the company and its shareholders, including assessing the merits of the consortium’s offer.