Thomas Cook has refused to comment on reports that the group rejected an offer of a £400 million cash injection two weeks ago.
According to the Financial Times, Cook’s chairman Frank Meysman rejected the proposal from a group of individuals, supported by the group’s second largest investor Invesco.
It is understood the idea was thrown out in the very early stages of discussions.
The ‘bid’ is said to have been led by Terry Fisher, former managing director of Thomas Cook’s scheduled businesses, who left in December 2010.
Fisher joined Gold Medal in May 2005 and moved to Thomas Cook when the business was acquired by the group in 2008.
Alongside him in the failed offer was Clive Jacobs, founder of Holiday Autos and now owner and chairman of Travel Weekly Group.
The FT said the proposed bid would have seen Fisher and Jacobs become joint chief executives of the group.
Thomas Cook is expecting to announce a new chief executive in late March or early April and a spokeswoman said the search was progressing well.
"Someone is not going to join at that time, but we do hope to have an appointment," she said.
by Bev Fearis
