NEWS RELEASES
New Zealand’s Tourism Holdings Calls Off Sale Of Assets
Editor's Note: This news item was retrieved and first published through ShareChat's website.
New Zealand news outlet Sharechat reports that Tourism Holdings, a major player on the NZ tourism scene, won't sell any of its New Zealand businesses after a suitor walked away when the company refused to lower its price. The assets in question included the Kiwi Experience unit and the Black Water Rafting, Ruakuri and the Waitomo Homestead from its Discover Waitomo division. The companies were in the final stages of negotiations when the parties couldn’t agree on price. Tourism Holdings planned to use proceeds from the sale to extend its investment in the TH2 joint venture with RV maker Thor Industries to develop a single platform for the RV markets in New Zealand, Australia and the U.S.
"The prospective purchaser for these businesses has decided not to proceed, seeking to reduce the purchase price," Chairman Rob Campbell said in a statement. "THL has remained clear in its view of the value of the tourism businesses; strategically, economically and socially." Campbell told shareholders in October that the firm wouldn't sell its assets for less than their assessed value.
For further information, visit the Tourism Holdings website.