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
-
Zoopla: UK property supply hits eight-year high ahead of general electionNews More homeowners are putting their properties up for sale but many are relisting after failing to find a buyer last year - is now a good time to buy?
-
What’s happening to the NatWest share sell-off? Impact of general election 2024 explainedThe UK government has held shares in NatWest Group since the 2008 Financial Crisis. But a plan to sell off a large chunk of them appears to have been delayed.
