According to the terms of the acquisition, shareholders of the London-listed Holidaybreak will receive 432.1 pence in cash per Holidaybreak share. The offer price places Holidaybreak"s shares at approximately 312 million pound and represents a premium of 35.5% to the closing price of 319 pence per Holidaybreak share on July 22, the date after which the offer was made. It also represents a premium of 54.2% to the average closing price of approximately 280.3 pence per Holidaybreak share for the three-month period up to July 22.
Peter Kerkar, director of Cox & Kings, has been quoted by the media as, “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."
He further added, "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."