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First Choice mainstream ‘valued at up to £880m’
Friday, 05 Jan, 2007
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First Choice could raise between £680 million and £880 million through the sale of its mainstream business.
The estimate came from banking group ABN Amro which said the purchase of the mainstream operation was a “must-do deal” for MyTravel, which is thought to be facing competition from Thomas Cook.
“If this transaction occurs, MyTravel shares could rise to 270p-300p. However, if it loses out to a competitor, shares could fall to 180p-200p,” a note from ABN Amro reportedly said.
Recommending First Choice shares as a ‘buy’ ABN Amro said: “We believe the mainstream business is worth £680m-£880m in a trade sale and the non-mainstream business is worth £1,083bn-£1,233bn as a retained asset.”
Report by Phil Davies
Phil Davies
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