NZX Market Mixed: Tourism Holdings Soars on Takeover Offer as Taiko Reports Loss

New Zealand's equity market delivered a mixed performance on Friday, May 29, 2026, as contrasting corporate developments drove divergent investor responses. The benchmark NZX 50 index closed up 0.2% to finish at 13,296 points, extending its one-month gain to +3.6% and its annual performance to +7.8%. Market activity was dominated by a dramatic share price surge for tourism operator Tourism Holdings Limited following a substantial takeover offer, which offset news of a widening annual loss from newly listed explorer Taiko Critical Minerals Limited.

Takeover Proposal Sparks Tourism Holdings Surge

Shares in Tourism Holdings Limited surged by 24% on Friday, closing a highly active trading session. This daily jump extended the company's one-month gain to 34% and pushed its annual share price increase to 101%. The immediate catalyst for the market rally was the receipt of a revised, non-binding indicative acquisition proposal of NZ$3.10 per share from a consortium led by investment firm BGH Capital and the Trouchet family interests, representing the family holdings of Luke and Karl Trouchet.

This newly tabled bid represents a significant premium over a previous proposal of NZ$2.30 per share submitted by the same consortium in June 2025. Currently, the BGH Capital-led consortium controls approximately 19.9% of Tourism Holdings shares, with an additional 16% of the company's shareholders indicating support for the board to engage with the offer.

The consortium has established a firm deadline of 5:00 PM New Zealand time on June 12, 2026, for the Tourism Holdings board to engage and grant access to due diligence. The proposal remains subject to several conditions, including the completion of satisfactory due diligence, the finalisation of debt funding, approval from BGH Capital's Investment Review Committee, and a unanimous recommendation from the Tourism Holdings board in the absence of a superior proposal, subject to an independent adviser's valuation.

In response, the Tourism Holdings board has established a special takeover committee to evaluate the proposal. The board has advised shareholders to take no action while the committee conducts its assessment.

Earnings Guidance Downgraded Amid Operational Pressures

Simultaneously with the takeover announcement, Tourism Holdings updated the market on its trading conditions, downgrading its financial guidance for the year ending June 30, 2026. The company lowered its expected underlying net profit after tax to a range of $40 million - $43 million, down from the previous forecast of $43 million - $47 million which was reaffirmed in March 2026.

The company also adjusted its year-end net debt expectations, forecasting net debt to land between $460 million - $470 million by June 30, 2026. This is a significant increase from the previous guidance, which projected debt to remain .