Thu, 17 Jan 2013 | MERGER
Tui Travel has become the centre of speculation regarding a potential merger between itself and its parent company, Tui AG.
The business confirmed in a statement that its independent directors have “recently received an approach from Tui AG which may or may not result in a combination of the two companies”.
It added: “Discussions are at a very early stage, but are on the basis that any such combination, if effected, would be achieved not by a reverse takeover but by means of a nil premium all-share merger.”
The parent company is required to announce its firm intentions no later than 5pm on 13 February 2013, whether or not it decides to make an offer. There is also the possibility to extend this deadline with the consent of the Panel.
The statement was prompted by much press speculation regarding the offer after shares in Tui Travel became the FTSE 100's top performer. Shares went up 3.9 per cent once the potential merger was confirmed, marking the highest value for the firm in nearly three years.
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