I seem to remember that it was a merger between MyTravel and Thomas Cook so they didn’t overpay as they didn’t buy MYT. My understanding (as you’ll soon work out it’s not my area of expertise, but I’m attempting to explain it in a way that my simple brain can understand) Is that TCG placeD a value for the MYT side of the business into their accounts which they now realise it’s no longer (perhaps never was) worth. This value has been carried through their accounts since the merger in 2007 which has ‘artificially’ inflated the groups assets/worth.