27 Sep 2011

Takeover bidder backs off

12:31 pm on 27 September 2011

An investment group that unsuccessfully made a partial takeover offer for Tourism Holdings earlier this year, has sold most of its stake.

Ballylinch had a 19% stake in the tourism operator and campervan rental company, which it bought from investment group, Sterling Grace, for more than $11 million.

It's now sold nearly all that stake back to the same investors, for $11.3 million.

Ballylinch previously offered 67.5 cents per share to gain majority control, but independent directors recommended investors reject the offer, saying it was too low.