Germany's
second largest tour operator C&N Touristic on
Tuesday made a £1.3bn ($2bn) approach to buy Thomson
Travel, the UK's largest package holiday group.
Thomson, which includes ski companies Crystal
Holidays and Simply Ski in its portfolio, said it
would reject a takeover offer from C&N Touristik
and sees no reason to enter into talks with the German
group.
The comments came in response to news that C&N
was considering making a bid which would value the
company at 130 pence per share, 24% less than its
floatation price two years ago.
A spokesman for Thomson said: 'The board is unanimously
of the view that such an offer, if made, would be
wholly inadequate and the board would recommend that
shareholders reject any such offer. Accordingly,
the board sees no purpose in pursuing discussions
with C&N on the basis proposed.'
