Cox & Kings to buy UK’s adventure travel firm Holidybreak for £312 million

Cox & Kings, one of India's oldest travel company will buy the UK-based adventure travel firm Holidybreak, for £312 million (Rs2,250 crore/$511.3 million) in cash, to expand into the growing demand for education travels (See: Cox & Kings in talks to acquire UK's adventure travel firm Holidaybreak).

Founded in 1973 by Alan Goulding as Eurocamp Travel Limited, Holidaybreak was a family-run business offering camping holidays in Brittany, France. The business was sold in 1981 to London-based retail group, Combined English Stores.

Eurocamp plc was floated on the London Stock Exchange in 1991 and following the 1995 merger with Superbreak, the company changed its name to Holidaybreak in 1998.

Under the deal, the Mumbai-based Cox & Kings will assume Holidybreak's Rs1,490 crore debt, taking the deal size to Rs3,740 crore. Cox & Kings has offered 432.1 pence in cash, a premium of 35.5 per cent to the closing price of 319 pence per Holidaybreak share on 22 July, the last business day prior to the commencement of the offer period.

The offer also represents a premium of 54.2 per cent to the average closing price of approximately 280.3 pence per Holidaybreak share for the 3-month period up to 22 July.       
Holidaybreak Shareholders will also receive the previously announced 3.35 pence interim dividend in cash.

Cox & Kings has received approval from 31.76 per cent of Holidaybreak's shareholders, which includes the company's directors and intuitional investors.