Troubled tour operator Thomas Cook has rejected a £400m cash injection, according to the Financial Times.
The paper says a group led by Terry Fisher, formerly of Airtours and Clive Jacobs and founder of Holiday Autos, put together the offer with the support of Thomas Cook's second biggest shareholder Invesco.
If accepted it would have given the group around a two thirds holding.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Thomas Cook's Chairman Frank Meysman, however, is said to have dismissed the offer although an unnamed source suggests the company may explore the deal further.
It's fair to say Thomas Cook is having a very tough time. The shares have fallen a painful 86% in the past 12 months after the company revealed it would struggle to meet debt payments in July last year.
Still without a Chief Executive and trying to sell assets to pay down debt, the news of interest in ownership had pushed the shares 3.5% higher by 10:27 on Friday morning.
BS
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
