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0936 GMT [Dow Jones] TUI Travel (TT.LN) shares slump 5.2% to 277p, after parent TUI AG (TUI1.XE) said it won’t make an offer to buy the outstanding shares it doesn’t already own. “With denial well ahead of the mid February put-up-or-shut-up deadline, and after gains of 113% from all-time lows of 132p in Nov. 2011 and 79% from 2012 lows of 156p in June, the no-deal announcement may suggest to the markets that Tui Travel shares are overvalued,” says Accendo Markets. Adds that with a deal now ruled out, upside may be limited especially with an uncertain macro growth outlook. TUI AG shares down 4.9% at EUR7.55. ([email protected])
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