In what is being billed as the largest overseas acquisition by an Indian travel company, Cox & Kings Ltd has decided to buy UK’s Holidaybreak for £312 million (Rs 2,300 crore). The two companies signed an agreement and Holidaybreak’s shareholders will get 432.1 pence per share in cash, a premium of 35.5 per cent to the closing price of the company’s shares on July 22. The company hopes to conclude the deal by September. In the event of the deal falling apart because of a rival bid or due to shareholders’ rejection, Cox & Kings will get 1 per cent of the deal price.
Nearly 32 per cent Holidaybreak shareholders have already approved the deal. It requires approval from 75 per cent shareholders. After this, the agreement will be sealed by a court. The acquisition will give Cox & Kings a foothold in camping, adventure tourism and student tour segments. It’s an all-cash deal and the company has tied up the funds. This includes Rs 900 crore from our cash balance. The rest will come from dollar-denominated debt from Axis Bank. Cox & Kings would use the expertise of Holidaybreak to promote education tours in India. The acquisition of Holidaybreak marks an exciting new step for Cox & Kings in its development. Holidaybreak adds new product areas and markets which provide Cox & Kings global network and accelerate the development of business of both the companies.crackcrack
| Company Name | CMP |
|---|---|
| IRCTC | 789.65 |
| Transcorp Intl. | 31.81 |
| Thomas Cook (India) | 198.85 |
| TBO Tek | 1696.95 |
| Le Travenues Techno | 165.90 |
| View more.. | |
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