VENTURE CAPITALISTS HOVER OVER MYTRAVEL

MYTRAVEL shares have steadied on rumours that the beleaguered company is set to be taken over by a group of venture capitalists.

Preliminary talks have reportedly been held with 3I, Permira and CVC, although all companies have dismissed rumours as “pure speculation”.

The share price has settled around the 19p mark after fluctuating wildly following its dramatic fall on Thursday.

MyTravel chief executive David Crossland and finance director David Jardine held a host of meetings in the City yesterday in a bid to shore up investor confidence.

Meanwhile, Thomas Cook has ruled out making a bid for the company. Chairman Stefan Pichler said Thomas Cook can grow in the UK market without having to make acquisitions.