Tourism Holdings confirms due diligence largely concluded on two non-binding offers
At its 2026 Annual Meeting on 6 November 2026, Chair Cathy Quinn told shareholders that due diligence with both the BGH consortium and Indie Campers has “largely concluded”. Tourism Holdings Limited (NZX:THL, ASX:THL, “thl”) has received revised non-binding proposals from both parties.
The Board is reviewing those proposals and engaging with both parties regarding their terms. For investors, the update points to two bidders in a competitive process, each having refined its proposal after diligence.
Cathy Quinn, Chair
“You can be assured that the Board’s focus throughout this process is on what is in the best interests of thl’s shareholders.”
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What the Board is saying about pricing and process
Terms stay confidential during the competitive process
Ms Quinn acknowledged that shareholders may want an update, “particularly on pricing”. She said those discussions remain confidential while thl is negotiating with two parties in a competitive process.
The Board does not believe it is in the best interests of shareholders to publicly discuss those terms at this stage. The update does not put a price on either proposal.
Where the proposals stand
The Chair outlined the current position:
- Both proposals remain non-binding and subject to conditions.
- There is no certainty that either will result in a transaction.
- Shareholders do not need to take any action at this time.
- The Board will continue to keep the market informed in accordance with its continuous disclosure obligations.
The update signals an active process with two parties at the table. It does not confirm any outcome.
Investors tracking the BGH side of the process can read our detailed coverage of the BGH consortium due diligence access decision, which covers the Board’s price floor and its refusal to pre-commit to a recommendation.
Understanding non-binding indicative offers
A non-binding indicative offer is an expression of interest in acquiring a company. It carries no legal obligation on either side to proceed, and it is usually subject to due diligence and other conditions.
Due diligence is the investigation a prospective buyer carries out into a company’s finances, operations and legal position before committing to a deal.
A competitive process between two bidders can matter for shareholders because it may give a board more leverage when negotiating terms. That is a general principle and not a claim about how this process will end.
The second takeover approach first surfaced in June 2026, when the Board disclosed a credible strategic buyer alongside the existing consortium bid and moved quickly to open its books to that party.
| Bidder | Proposal status | Binding? |
|---|---|---|
| BGH consortium | Revised non-binding proposal received | No |
| Indie Campers | Revised non-binding proposal received | No |
What happens next for thl shareholders
The announcement gives no dates for the next steps. It states two ongoing actions:
- The Board continues reviewing the revised proposals and engaging with both parties regarding their terms.
- The Board will keep the market informed in accordance with its continuous disclosure obligations.
thl is the largest commercial RV rental operator in the world, listed on the NZX and ASX, with brands including Maui, Britz and Apollo, and tourism attractions such as Kiwi Experience and the Discover Waitomo Group.
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