C&N clarifies Thomson bid

ADVFN NewsWire (08:29) - C&N sought this morning to clarify its position over the offer for Thomson Travel (EPIC: TVR), made on Tuesday, with a number of clearly laid out points. The company said it does not believe an offer above the original 130p a share is warranted or in the interests of its own business and shareholders. Although the possibility of raising the offer looked unlikely, the company said it is open to discussions with the Thomson board.

However, C&N stated that it “is reluctant to become involved in a protracted hostile takeover battle for Thomson and believes such a period of extended uncertainty could further damage Thomson's business and consequently the value of the company.â€￾

The cautious statement clearly drew the company’s escape route by saying the acquisition was not a ‘must have’ and pointing out the C&N “is not bound to make a formal offer.â€￾

Mr. Stefan Pichler, CEO of C&N, commented: “We are encouraged by the market's response to our approach. We believe there is significant support for C&N's initiative and that its success would be widely welcomed. The board of Thomson needs to recognise this and act accordingly.â€￾

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