LONDON -- German leisure group Preussag AG extended its offer to
buy Thomson Travel plc, Britain's second-largest tour operator,
until July 19. Preussag owns 19.9% of Thomson's stock and has
received acceptance of its offer by the holders of 49.3% of
Thomson's shares.
Preussag agreed last month to buy Thomson for about $2.72
billion, beating rival bidder German C&N Touristic, which had
bid about $2.45 billion after weeks of negotiating.
As part of the deal Preussag agreed to sell its 50.1% stake in
Britain's third-largest travel company, Thomas Cook Holdings.