Campervan company Tourism Holdings (THL) has dismissed a takeover offer from BGH Capital, describing it as opportunistic and significantly undervaluing the business.
According to an article by RNZ, the company stated that the offer of $2.30 per share did not reflect THL’s true worth, noting that its share price before the proposal represented a bottom-of-the-cycle trading environment.
According to THL, the company’s actual value is “well north of $3 per share.”
“The board also accepts that there is an inherent risk in execution of THL’s growth roadmap and global economic factors which may affect THL’s future outlook,” it said.
For the financial year ending June, THL anticipates a net loss, largely due to a potential $36 million writedown in the value of its United States goodwill.
The result is also expected to be impacted by deferred tax write-offs of up to $21 million in the U.S. and Britain, along with other non-cash, one-off items.
Despite this, the company’s underlying profit is projected to fall within the range of $27 million to $34.4 million, at the lower end of market expectations.
Looking ahead, THL remains optimistic about its roadmap for growth. The company has set a target of achieving $100 million in net profit over the next three to four years, driven by continued investment in its operations and long-term strategy.
THL’s rejection of the bid signals strong confidence in its future and reinforces the resilience of the RV sector, which continues to benefit from growing global interest in flexible, self-contained travel experiences.