The Travel Trust Association has held its first talks with consortium Worldchoice despite rumours it might pull its offer to shareholders.
TTA bosses met Worldchoice chairman Colin Heal and two board directors this week after it asked shareholders for expressions of interest in a deal valuing shares at £2 each plus a further £1 on yet-to-be-agreed criteria.
Worldchoice has put its merger with the Global Travel Group on hold to consider the approach. Global was bought last week by the Stella Group in a deal thought to be worth more than £100 million
TTA director Todd Carpenter said: “We’ve not made any decision yet; we have just started a dialogue. We will do what is right for our shareholders and Worldchoice shareholders. It may come to nothing but it might not.”
The Worldchoice board will discuss the issue at the end of next week. Chairman Colin Heal said: “We’re keeping an open mind.”
Worldchoice agents are keen to have more detail of the deal on offer. Plymouth-based Peter Goord Travel proprietor Anthony Goord, who is not a shareholder, said: “It’s all about shareholders at the moment and not members; they’ve got to tell normal members what the advantages are.”
Stella and Global remained hopeful this week the Worldchoice merger would get back on track. Global chief executive Andrew Botterill said: “We remain interested.”
Meanwhile, Advantage chief executive John McEwan dismissed rumours Advantage is to pull out of Triton. It is contracted to stay until December 2010 but could leave earlier by mutual agreement.