Back on the 16th June 2025, dual-listed Tourism Holdings (THL NZ/AU) announced an unsolicited NBIO from a consortium comprising BGH Capital and the founding Trouchet family.
The consortium, holding 19.9% of shares out, offered NZ$2.30/share for the world’s largest commercial recreation vehicle rental operator. THL summarily rejected terms. Then crickets.
THL announced this morning a profit downgrade; and a revised NBIO from the consortium of NZ$3.10/share. ~16% of the register is supportive. The proposal expires on the 12th June.
Tourism Holdings (THL NZ) is illiquid. Look away now if that is not your thing
The Trade:
This Offer is less opportunistic. And key shareholders are supportive.
THL should engage.
If small, illiquid, and non-binding arbs, are your bag, I’d be buying here.