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Cox and Kings buys Holidaybreak for £312 million
Holidaybreak’s board has accepted a takeover bid from Cox and Kings.
The offer price values Holidaybreak's fully diluted share capital at approximately £312 million.
Cox & Kings director Peter Kerkar said: “The acquisition of Holidaybreak marks an exciting new step for Cox & Kings in its development.
“We have been growing rapidly and have also significantly expanded our outbound tours operation from India and Oceania.
“Holidaybreak adds new product areas and markets which provide us with attractive opportunities to leverage Cox and Kings’ global network and accelerate the development of both Holidaybreak and Cox & Kings’ businesses.
“We also very much look forward to working with the Holidaybreak management team who have helped to develop the company into a leader in its various business areas.”
Martin Davies, group chief executive of Holidaybreak, said: “I am proud of the significant progress we have made towards our objective of transforming Holidaybreak into an education focused business, both through expansion into the pan-European education market through the acquisition of Meininger, and by building on our high quality brands.
“While the Board of Holidaybreak was confident that significant value could have been generated for shareholders over time through implementation of our standalone strategy, today's announcement of the recommended acquisition of Holidaybreak by Cox & Kings provides certainty and immediate value to shareholders, in cash and at a premium.
“It also presents an exciting opportunity for Holidaybreak's customers and employees to benefit from being part of an international travel company which shares our passion for delivering unique and valued products to our customers.”
by Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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