No intention to make an offer for TUI Travel Plc
23-Jan-2013 On 16 January 2013, the Independent Directors of TUI Travel announced that they had recently received an approach from TUI AG which may or may not result in a combination of the two companies.
In accordance with the UK City Code on Takeovers and Mergers (the "Code") requirements, TUI AG confirms that it does not intend to make an offer for TUI Travel. Accordingly, TUI AG is bound by the restrictions under Rule 2.8 of the Code.
This decision is based on the assessment that a share-based transaction at current exchange ratios is not in the interest of TUI shareholders.
Irrespective of this, TUI AG will continue fully to exercise its role as majority shareholder in order to leverage the value potential and benefits within the TUI Group for the benefit of all shareholders and other stakeholders of TUI AG.