What is the takeover offer for Tourism Holdings Limited (ASX:THL)?

A consortium consisting of BGH Capital and the family interests of Luke and Karl Trouchet has launched an unsolicited, non-binding cash bid to acquire Tourism Holdings Limited (ASX:THL).

How much of Tourism Holdings Limited does the BGH Capital consortium already own?

The bidding consortium already holds an approximate 19.9% stake in Tourism Holdings Limited (ASX:THL). Because they are already major shareholders, this acquisition proposal represents a move to take full control of the company and take it private.

What conditions must be met for the Tourism Holdings Limited takeover to succeed?

The proposal is conditional upon the successful completion of due diligence, finalising debt arrangements, and securing a unanimous recommendation from the THL board.

Are major shareholders supportive of the Tourism Holdings Limited (ASX:THL) bid?

Yes, shareholders representing approximately 16% of Tourism Holdings Limited's shares have expressed support for the company to engage with the consortium. This group backs granting the bidders due diligence access, though this does not yet guarantee they will vote in favour of a final transaction.

Why did Tourism Holdings Limited lower its FY26 earnings guidance?

Tourism Holdings Limited downgraded its full-year 2026 underlying net profit after tax (uNPAT) guidance due to severe macroeconomic headwinds. Management cited ongoing global disruptions, including the negative impact of the Middle East conflict on vehicle sales, softer conditions in the Australian domestic rental market, and unfavourable foreign exchange movements.

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BGH Capital launches takeover bid for Toursim Holdings

Written by Brie CarterPublished May. 28 2026Last Updated May. 28 2026

Tourism Holdings (ASX:THL) has received a revised, unsolicited non-binding indication of interest from a consortium comprising BGH Capital and the family interests of Luke and Karl Trouchet.

The consortium—which already holds a 19.9% stake in the global tourism operator—has proposed an all-cash acquisition offer of NZ$3.10 per share.

The conditional proposal is subject to due diligence, debt finalisation, and a unanimous board recommendation.

While shareholders representing an additional 16% of the company support granting due diligence access, the THL board has advised investors that there is no certainty a transaction will eventuate ahead of the offer's June 12 expiry date.

The takeover play coincides with macroeconomic headwinds impacting the group's financial outlook.

THL has revised its full-year 2026 underlying net profit after tax guidance down to a range of $40 million to $43 million, a decrease from the $43 million to $47 million previously projected in February.

Management attributed the softening profitability to ongoing global disruptions, including the Middle East conflict's impact on vehicle sales, weaker conditions in the Australian domestic rental market, and foreign exchange fluctuations.