In a short statement early Wednesday, AIM-listed online and specialist travel group Travelzest said it had been informed by the unnamed party that, ‘as a consequence of the current uncertainties in financial markets’, it had decided not to make an offer for the company.
Travelzest announced on 15 August that it was in the early stages of discussions about a potential 115p per ordinary share cash bid.
In a 4 November update, the company said the interested party expected to complete due diligence in December, adding that it had not discovered any matter that would lead it to reduce its offer.
Industry insiders claim the potential buyer was TUI Travel.
Background from e-tid.com:
Travelzest updates on potential offer (04/11/08)
Travelzest confirms takeover talks (15/08/08)
And see also:
OHG to operate Travelzest brands (04/11/08)
Travelzest lifts H1 profit by 36% (24/07/08)
Travelzest buys cruise agency for £6.5m (20/06/08)