Tourism Holdings Takeover Appears More Likely — Market Talk

The potential for Tourism Holdings to be acquired by a consortium led by BGH Capital has increased, says Forsyth Barr. The consortium has signaled that it is prepared to maintain the indicative offer of NZ$3.10/share despite Tourism Holdings downgrading FY26 earnings guidance late last month. Tourism Holdings has agreed to provide the consortium with due diligence access. "While we expect the board's view of intrinsic value may soften given shareholder pressure to ultimately support a deal, BGH's willingness to materially lift its current offer is debatable, despite having already increased it by 35% since the initial approach last year," analyst Andy Bowley says. Tourism Holdings is up 3.5% at NZ$2.70. (david.winning@wsj.com; @dwinningWSJ)