Tourism Holdings rejects Australian takeover bid
Photo:
123RF
Campervan firm Tourism Holdings (THL) has rejected what it is calling an opportunistic takeover offer for the company.
In a statement to the market, THL said its share price prior to
the BGH proposal
reflected a bottom-of-the-cycle trading environment, and the value of the company was well north of $3 per share, compared with
the offer of $2.30 a share
.
"The board also accepts that there is an inherent risk in execution of THL's growth roadmap and global economic factors which may affect
THL's future outlook
," it said.
The company said its full-year net profit for the year ended June was expected to be a loss given the potential for a writedown of $36 million in the value of its United States' goodwill, in addition to potential deferred tax write-offs in the US and Britain of up to $21m and other non-cash one-off items.
The underlying profit was also expected to be at the lower end of market analysts' expectations, in a range of $27m to $34.4m.
However, the company said it had a roadmap for growth and believed it could achieve its goal of making a $100m net profit over the next three to four years.
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