A Fairfax media report says that Australia’s MFS Living and Leisure (MPY) has cleared the last major obstacle and now looks set to complete a $277 million takeover of Tourism Holdings.
Fund manager AllianceBernstein has today confirmed that it is accepting the $2.80 a share offer in respect of the 8.6% cent of the company’s shares it directly controls.
This, in tandem with the acceptance yesterday of 19.99% shareholder US fund manager Sterling Grace, means that MPY now has 59% cent of THL.
For the offer to succeed, MPY needs to get to 90% acceptances by this Saturday’s closing date.
Both Sterling Grace and AllianceBernstein both individually had it within their power to block the bid and many “mum and dad” investors will have been waiting to see what the big players do.
The fact these two big investors have now accepted means that, barring a major hiccup, MPY will succeed.
Tourism Holdings is involved in a broad range of tourism-related activities, inclduing, attractions such as Waitomo Glowworm Caves and Kelly Tarlton, and operates motor home, campervan and rental car businesses and coach and charter firms.
Report by The Mole
