Tourism Holdings (ASX:THL, NZE:THL) said its board rejected the unsolicited, conditional, non-binding indicative proposal from a special purpose vehicle representing a consortium of BGH Capital and the family interests of Luke and Karl Trouchet to acquire all of the company's shares for NZ$2.30 per share either by way of a scheme of arrangement or a takeover offer, according to a Monday filing with the Australian and New Zealand bourses.

The company's board determined, with the help of external advisers, that its share price is worth above NZ$3 per share, the filing said.

The board found that the terms of the proposal undervalued the company and were not in the best interest of shareholders, and that the proposal's structure and conditions added uncertainty.

THL also said it continues to expect its fiscal 2025 underlying net profit after tax to be at the lower end of its guidance range of NZ$27 million to NZ$34.4 million.