Holidaybreak, who specialise in adventure travel, education and weekend breaks, are the subject of a 450m takeover from the luxury travel company Cox & Kings, who are listed in India. Holidaybreak have confirmed the takeover discussions on their website, following press speculation. The statement reads: "Further to the announcement on 25 July 2011 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."
However, they also added: "At this stage there can be no certainty that any offer for the company will be forthcoming." Travel Weekly reported that Holidaybreak shares climed 15% on Monday, after the company, which makes it's money through school trips and weekend breaks, admitted that the discussions may lead to a takeover. Last month, Holidaybreak reported pre-tax losses of £19.2 million, and in the same month it sold it's theatre ticketing agency, West End Theatre Bookings, to Encore Tickets for £10.9 million.
No comments:
Post a Comment