Thomas Cook has confirmed rumours of a potential sale to Fosun - the owner of Club Med and airline's largest shareholder.
It comes after speculation started to swirl on Saturday over an offer that would end the independence of the 178 year-old travel chain.
On Monday, the travel group said it's received an offer from Fosun International Limited ("Fosun"), the group's largest shareholder.
It said "it is in discussions with Fosun following receipt of a preliminary approach.
"There can be no certainty that this approach will result in a formal offer. However, the Board will consider any potential offer alongside the other strategic options that it has, with the aim of maximising value for all its stakeholders," a statement said.
The travel group was first rumoured to be considering a sale of some, or all, of its ailing business in April, after releasing two separate profit warnings in 2018.
It followed a turbulent year of falling demand for package holidays, partly blamed on the UK heatwave.
The company announced a "strategic review" of its airline business and revealed plans to close 21 high street stores at a loss of 320 jobs.
Just weeks later it emerged that Chinese investment company Fosun International - Thomas Cook’s largest shareholder, which already owns an 18% stake - had expressed interest in bidding for its travel agent arm.
Thomas Cook was founded in 1841 by a 32 year-old cabinet-maker and former Baptist preacher who began offering one-day rail excursions from Leicester to loughborough for a shilling.
From there, it went on to become one of the world's largest holiday companies, marking its 175th anniversary three years ago.
