Tourism Holdings, New Zealand's biggest campervan rental company, has commissioned Simmons Corporate Finance to act as independent adviser to the board during the partial takeover from Ballylinch LP.
The appointment, a requirement under Rule 21 of the Takeovers Code, comes after the company formed a board subcommittee in response to a bid from cornerstone shareholder Ballylinch to acquire 40.85 per cent of the company's shares at 67.5 cents a share.
The deal, if successful, would give the investment company a 60 per cent stake in the THL, conditional on gaining a controlling stake of at least 50 per cent.
The bid comes after THL expanded its operation into the US market late last year with the acquisition of JJ Motorcars, the recreational vehicle rental company, for $17 million.
The first big acquisition after several years of selling assets, will add as many as 450 RVs to its fleet.
The subcommittee is being lead by chairman of THL, Keith Smith, and includes non-executive directors Rick Christie, Graeme Wong and John Bongard.
THL shares were unchanged today at 73 cents, but have climbed 21 per cent since the offer.
Tourism Holdings adviser appointed for takeover deal
File photo
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