IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Weekly Deals Digest (28 Jun) - Makino, Shinko Shoji, Get Nice, Clearview, Ajinomoto, Anker, Momenta

Merger Arb Mondays (29 Jun) - Con Aero, Skyworth, Changhong Jiahua, Shinko Shoji, Nippon Dry, Qoria

Tourism Holdings (THL NZ/THL AU): BGH/Trouchet Consortium Return with a Revised NBIO at NZ$3.10

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tourism-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2787:1" rel="noopener">Tourism Holdings (THL NZ)</a> received a competing, non-binding proposal from an unnamed strategic buyer at NZ$3.30 to NZ$3.40, representing a 6.5% to 9.7% premium over the BGH/Trouchet NZ$3.10 offer.</li>
<li>The <a href="https://www.afr.com/companies/transport/bgh-capital-trumped-by-rival-bidder-in-battle-for-campervans-group-20260625-p609ww" target="_blank" rel="noopener">AFR reported</a> that the strategic buyer is Indie Campers, which on 15 February 2026 agreed to acquire THL's UK and Ireland business assets for NZ$58.3 million.</li>
<li>The competing bid is likely to be structured as an off-market takeover offer with step-up payments. This development is likely to increase the odds of a bidding war.  </li>
</ul>



Tourism Holdings (THL NZ) received a competing, non-binding proposal from an unnamed strategic buyer at NZ$3.30 to NZ$3.40, representing a 6.5% to 9.7% premium over the BGH/Trouchet NZ$3.10 offer.
The AFR reported that the strategic buyer is Indie Campers, which on 15 February 2026 agreed to acquire THL's UK and Ireland business assets for NZ$58.3 million.
The competing bid is likely to be structured as an off-market takeover offer with step-up payments. This development is likely to increase the odds of a bidding war.  


Tourism Holdings (THL NZ/THL AU): Indie Campers Decides to Take on the BGH/Trouchet Consortium