Shares in Thomas Cook were up a modest two per cent this morning after the struggling travel giant confirmed it had received a “highly preliminary and unsolicited indicative offer” from Triton Partners for its Northern Europe business.
Private equity firm Triton Partners is believed to have submitted a bit for the company’s tour operator and airline in Norway, Sweden, Finland and Denmark.
“The group is currently evaluating this offer alongside the ongoing strategic review of its group airline, announced in February,” Thomas Cook said in a statement.
“The group has received multiple bids, including for the whole, and parts, of the airline business and the board of Thomas Cook Group will consider these approaches with the aim of maximising value for all shareholders.”
Thomas Cook’s Nordic operations trade under the brands Ving, Tjareborg and Spies.
The region employs around 20 per cent of the company’s 21,000-strong workforce.
There can be no certainty that a transaction will be concluded with Triton Partners, the Thomas Cook statement added.
Thomas Cook has seen its share price fall from 136 pence per share last May to just 13 pence per share today as it battles tough trading conditions.
A series of profit warnings culminated in the company reporting losses of £1.45 billion for the past six months earlier in May.