MyTravel confirms First Choice approach

Following recent press speculation, MyTravel Group has confirmed that, following an approach it made to First Choice Holidays, it is in discussions with First Choice Holidays regarding the possible acquisition of First Choice’s Mainstream business and certain related operations.The MyTravel Board believes that this is an opportunity which could deliver significant value to both First Choice and MyTravel shareholders given the value of potential synergies and other consolidation benefits.

Any offer by MyTravel would be in cash, financed through a mixture of new debt and equity. MyTravel is prepared to consider including the issue of equity to First Choice shareholders as part of its offer.

Discussions are at an early stage and there is no certainty that any transaction will occur.