Thomas Cook shares jump after rejected offer reported

Thomas Cook shares have jumped five per cent after it was reported today that the travel operator rejected a £400m funding deal backed by two leisure industry veterans.

Chairman Frank Meysman dismissed the offer by former Airtours executives Terry Fisher and Clive Jacobs, despite the proposal having the support of existing shareholders and outside investors.

However investors were excited by the prospect by renewed interest in the company. The share price was at £24.

The travel company has been struggling recently with reported pre-tax losses of £157.7m in the three months to December 31, compared with £99.3m the previous year.

The company also announced Thursday it would put its Indian business up for sale.