Australia's Apollo Tourism soars to best day in 1-1/2 year high on merger

Tourism Holdings

10/12/2021 24:49

** Shares of Australia's Apollo Tourism & Leisure  ATL.AX 
soar as much as 29.7% to A$0.72, its best session since April
15, 2020 after NZ's Tourism Holdings  THL.NZ  says it will merge
with the co
    ** Tourism Holdings also surges as much as 6.3% to NZ$3.03,
its highest level since Feb 13, 2020
    ** THL will acquire all shares in ATL by issuing one THL
share for every 3.68 ATL shares - THL  urn:newsml:reuters.com:*:nNZW6DZ4jk 
    ** Merger will result in ATL shareholders owning about 25%
and THL shareholders owning about 75% of combined co
    ** Deal expected to deliver an EBIT benefit of NZ$17 mln to
NZ$19 mln per annum
    ** THL will apply to be dual-listed on the Australian
Securities Exchange
    ** As of last close, THL has added 9.6% YTD, while ATL has
added 76.2% 

 (Reporting by Harshita Swaminathan in Bengaluru)
 ((Harshita.Swaminathan@thomsonreuters.com))