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Cox&Kings gets Holidaybreak shareholders' nod for buy
Travel service provider Cox & Kings today said shareholders of UK-based Holidaybreak PLC have approved its proposal to buy out the latter, a deal estimated to be worth around Rs 2,250 crore.
Travel service provider Cox & Kings today said shareholders of UK-based Holidaybreak PLC have approved its proposal to buy out the latter, a deal estimated to be worth around Rs 2,250 crore.
In a filing to the Bombay Stock Exchange, Cox & Kings said a court convened meeting and a general meeting of shareholders of Holidaybreak held on September 2, 2011, approved the offer to buy the UK-based firm at a price of 432.1 pence per share.
"At both the court meeting and the general meeting shareholders approved the scheme by the requisite majorities," the filing said.
Commenting on the development, Cox & Kings Director Peter Kerkar said: "Cox & Kings is pleased with the outcome of the shareholder meeting held in London on September 2, 2011. It stands committed to work along with Holidaybreak to create a vibrant and value-creating enterprise."
Following the passing of these resolutions, it is expected that the court hearing to sanction the scheme will be held on September 22, 2011, it added.
"The Court hearing to approve the reduction in capital will be held on September 26, 2011," the filing added.
In July this year, Cox & Kings had said it would acquire Holidaybreak for 312 million pound (around Rs 2,250 crore). The acquisition would be done through Cox & Kings' wholly-owned subsidiary Prometheon Holdings.
Cox & Kings' scrips on the BSE closed at Rs 220.70 per share, up 3.06% from the previous close.
