Failed buyout costs MFS Leisure $10 million
MFS Living and Leisure's failed takeover bid for Tourism Holdings cost it $10.3 million - more than eight times what it initially thought.
The figure has been revealed in overdue half-year results from the dual-listed Australian leisure and tourism operator, whose recent plight was featured in the January/February 2008 issue of Australasian Leisure Management.
The troubled company, which has since changed its name to Living and Leisure Australia Group, has been suspended from the New Zealand Stock Exchange since 10th March.
Meanwhile its intended takeover target, Tourism Holdings (THL), has reported half-year net profit after tax up 3.7% to $4.9 million.
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