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. Last Updated: 07/27/2016

Travel Bid Rebuffed

LONDON -- Britain's biggest vacation firm, Thomson Travel PLC, has rebuffed a pounds 1.3 billion ($2.07 billion) approach from Germany's second-largest tour operator, C&N Touristic AG, as investors awaited a higher offer.

C&N, a 50-50 joint venture between airline Lufthansa AG and retailer Karstadt Quelle AG, argued the merger, which would forge a European leader in the vacation business, was an excellent fit.

But its proposed bid of 130 pence ($2.08) a share was dismissed Tuesday as "wholly inadequate" by Thomson, whose shares have struggled since its flotation at 170 pence in May 1998.

"The board sees no purpose in pursuing discussions with C&N on the basis proposed," Thomson said in a brief statement.