Tourism Holdings (THL NZ/AU): Unnamed Bidder Lobs A NZ$3.30-3.40 NBIO

• On the 29th May 2026, Tourism Holdings (THL NZ/AU) announced an NZ$3.10/share NBIO from a consortium comprising BGH Capital and the founding Trouchet family. Due diligence was subsequently afforded.

• The same consortium, holding 19.9% of shares out, offered NZ$2.30/share for the world’s largest commercial recreation vehicle rental operator in June 2025; however THL summarily rejected terms.

• This morning THL announced an NBIO of NZ$3.30-NZ$3.40/share from a “credible strategic buyer“. Due diligence has been afforded. Discussions remain ongoing with the BGH/Trouchet consortium.

Tourism Holdings (THL NZ) is illiquid. Look away now if that is not your thing

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The Trade:

• Two “credible” parties in the mix.

• Trading 12% adrift of the low-end of the latest NBIO, after today’s 13.7% gain (as I type).

• If small, illiquid - and non-binding arbs - are your bag, I’d be buying here. But not aggressively.

• The BGH/Trouchet consortium have an effective veto on a competing Scheme. The mystery buyer may have to change up to a conditional Offer