Highlights

• THL shares climbed 3.5% as two takeover reviews remained active.
• BGH Consortium and Indie Campers have more time to complete due diligence.
• The 6 November Annual Meeting is shaping up as the next key milestone.

Tourism Holdings Limited (ASX: THL) moved higher on 29 September 2026 after updating investors on two separate takeover approaches currently under assessment. The stock traded at AU$2.330, up 3.5%, as attention returned to the company’s strategic review. The interested parties are the consortium comprising BGH Capital and Trouchet family interests and global campervan operator Indie Campers. Both groups are continuing due diligence before deciding whether to advance their preliminary proposals.

Due Diligence Period Extended

Tourism Holdings said engagement with both prospective buyers has remained constructive. The Board is working with each party on a revised timetable that provides sufficient time to complete detailed assessments of the business.

The process has taken longer than originally anticipated, reflecting the breadth of THL’s operations and the complexity of reviewing businesses spread across several jurisdictions. After considering the work completed so far, directors determined that allowing additional time represented the most appropriate course for shareholders.

Any next-stage proposal would remain dependent on the respective bidder completing its assessment and deciding whether to submit revised terms.

November Update Moves Into Focus

The company expects to provide shareholders with another update by its Annual Meeting on 6 November 2026, placing the event firmly on the market calendar.

Nevertheless, both approaches are currently non-binding and remain subject to several conditions. There is no assurance that either process will progress into an agreed transaction, and shareholders have not been asked to take any action at this stage.

International RV Business Under Review

THL operates a sizeable tourism and recreational vehicle platform across New Zealand, Australia and North America. The group describes itself as the world’s largest commercial RV rental operator.

Its Australasian rental portfolio includes Maui, Britz, Apollo, Mighty, Hippie and Cheapa Campa. THL also participates in vehicle manufacturing, retail dealerships, tourism attractions and travel technology.

Takeover Progress Remains the Main Stock Catalyst

The 3.5% rise in THL shares indicates stronger investor attention around the strategic process. Market focus is now likely to remain on whether either interested party progresses beyond preliminary discussions and presents revised terms.

With due diligence still underway, the November update could provide the next meaningful indication of how the takeover process is developing.

Note- All data presented is based on information available at the time of writing.

Disclaimer for Kapitales Research

The materials provided by Kapitales Research, including articles, news, data, reports, opinions, images, charts, and videos ("Content"), are intended for personal, non-commercial use only. The primary goal of this Content is to educate and inform readers. This Content is not meant to offer financial advice, nor does it include any recommendation or opinion that should be relied upon for making financial decisions. Certain Content on this platform may be sponsored or unsponsored, but it does not serve as a solicitation or endorsement to buy, sell, or hold any securities, nor does it encourage any specific investment activities. Kapitales Research is not authorized to provide investment advice, and we strongly advise users to seek guidance from a qualified financial professional, such as a financial advisor or stockbroker, before making any investment choices. Kapitales Research disclaims all liability for any direct, indirect, incidental, or consequential damages arising from the use of the Content, which is provided without any warranties. The opinions expressed by contributors or guests are their own and do not necessarily reflect the views of Kapitales Research. Media such as images or music used on this platform are either owned by Kapitales Research, sourced through paid subscriptions, or believed to be in the public domain. We have made reasonable efforts to credit sources where appropriate. Kapitales Research does not claim ownership of any third-party media unless explicitly stated otherwise.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.Disclosure: The information mentioned above has been sourced from the company reports and a third-party database, i.e. Koyfin. Investors are advised to use strict stop-loss to protect their investments in case of any unfavorable/uncertain market events.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au