MyTravel Group has confirmed an approach to rival First Choice over its mainstream operations.
A MyTravel statement said that following an approach made to First Choice Holidays, “it is in discussions with First Choice Holidays regarding the possible acquisition of First Choice’s Mainstream business and certain related operations”.
The statement added: “The MyTravel Board believes that this is an opportunity which could deliver significant value to both First Choice and MyTravel shareholders given the value of potential synergies and other consolidation benefits.
“Any offer by MyTravel would be in cash, financed through a mixture of new debt and equity.
“MyTravel is prepared to consider including the issue of equity to First Choice shareholders as part of its offer.”
MyTravel echoed yesterday’s statement from First Choice (see previous TravelMole story), saying: “Discussions are at an early stage and there is no certainty that any transaction will occur.”
Report by Phil Davies
