Cox & Kings is in talks about a £450 million takeover of Holidaybreak.
Holidaybreak confirmed that discussions were taking place with the India-listed Cox & Kings after press speculation.
It said in a statement: “Further to the announcement on July 25 and recent press speculation, the board of Holidaybreak confirms that it is in discussions with Cox & Kings Limited which may or may not lead to an offer for Holidaybreak at a price of 432.1 pence in cash per ordinary share.
“At this stage there can be no certainty that any offer for the company will be forthcoming.”
Holidaybreak shares climbed 15% on Monday after the organiser of school trips and weekend breaks admitted it was in talks that could lead to a takeover.
The company, which last month reported half-year revenues of £140m and a pre-tax loss of £19.2m, is thought to have been quietly marketing its weekend breaks division, a process that may have led to discussions over a deal for the whole business.
Holidaybreak sold its theatre tickets agency, West End Theatre Bookings, last month to Encore Tickets for £10.9 million. The disposal proceeds will be used to reduce the group’s debt, Holidaybreak said at the time.
This is a community-moderated forum.
All post are the individual views of the respective commenter and are not the expressed views of Travel Weekly.
By posting your comments you agree to accept our Terms & Conditions.