Shares in Thomas Cook, the oldest tour operator in the world, surged over 15 per cent on Tuesday.
After reports the British company has received approaches about a takeover of its tour operating unit or the entire company.
Sky News said U.S. private equity firm KKR & Co and Swedish buyout group EQT Partners were possible bidders.
And China's Fosun International was understood to be among those who could bid for the tour operating business.
Thomas Cook put its airline business up for sale in February and closed stores this year, after a rough 2018.
A summer heat-wave in northern Europe deterred holidaymakers from booking last-minute deals.
This led to two profit warnings and speculation among investors that it might need to raise funds.
Thomas Cook last month announced a review of its money division in its latest step to streamline operations and focus on its core holiday business