Aussie tourism giant sells Kiwi stake.
An AAP report says that MFS Living and Leisure Group Ltd has announced that it is selling its 10 per cent stake in New Zealand-based Tourism Holdings Ltd after an unsuccessful takeover attempt of the company.
MFS Living and Leisure told the Australian stock exchange, “MFS Living and Leisure Group advises that it intends to sell its 10.02 per cent stake in Tourism Holdings Ltd through a bookbuild to be conducted today,”
“Tourism Holdings Ltd has gone into a trading halt on the New Zealand Stock Exchange today to facilitate the sell down.”
The announcement comes after MFS Living and Leisure unsuccessfully bid $NZ247 million ($A225.61 million) for the world’s second largest motor home operator, Tourism Holdings, earlier this year.
The offer by the Queensland-based aquarium and ski resort owner collapsed after it fell short of a 90 per cent shareholder acceptance condition required for a full takeover of New Zealand-based Tourism Holdings.
Acceptances reached 83.01 per cent by the close of the offer on July 21, despite rising strongly from 25.47 per cent in the final five days.
MFS announced its $NZ2.80 ($A2.56) a share bid in April, and laid out its ambitions to become one of Australasia’s largest tourism operators.
The company had listed on the New Zealand stock exchange on June 22 in anticipation of a successful takeover of Tourism Holdings.
Report by The Mole and AAP
John Alwyn-Jones
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