Grace falls short of control for Tourism Holdings as offer closes
Aug. 2 (BusinessDesk) – Switzerland-based investor John Grace’s offer for control of Tourism Holdings Ltd. has closed short of his target after an independent valuation said the campervan rental company was worth more.
Acceptances “fallen short of giving Ballylinch the 50% of voting rights necessary for the offer to become unconditional,” the company said in a statement.
Grace’s Ballylinch LP investment vehicle had offered 67.5 cents a share to lift its stake to between 50.01% and 52.2%. A valuation by Simmons Corporate Finance said the company was worth 97 cents to $1.27.
last traded at 68 cents, valuing the company at $66.8
The board of Tourism Holdings had prodded Ballylinch to sweeten its offer but without success.
Ballylinch has a 19% stake in Tourism Holdings.