Cox & Kings is in talks to acquire UK travel firm Holidaybreak, which provides residential outdoor education and adventure trips for school children. Based on Monday’s closing, the Northwichbased company is valued at 225.24 million pounds, according to news agencies.
Cox & Kings’ shares closed at Rs 197.65, down 1.20% on Tuesday on BSE after the Mumbai-based travel company that went public in 2009 confirmed to BSE that it was in talks with Holidaybreak for a possible deal. “In line with the company’s growth strategy and expansion, we are in talks with Holidaybreak, which may or may not lead to an offer for shares,” it said.
A top executive of another travel company who did not wish to be quoted said that if the deal goes through the acquisition could help Cox & Kings to direct outbound traffic that is interested in specialist holiday packages like camping and adventure tourism to the UK and Europe. “Students and educational leisure travel segments are growing fast in the country and the company could introduce these concepts in India,” he added.
Holidaybreak shares were up 12% at 412 pence, making it the second biggest gainer on the London Stock Exchange on Tuesday.
Last week, Cox & Kings had invested an undisclosed amount in the US travel management company RADIUS, through its Singapore subsidiary. In December 2009, the company had acquired two travel brands MyPlanet Australia and Bentours International from First Choice Holdings Australia. In 2008, the company had acquired Tempo Holidays for $25 million. The travel firm, which had listed itself on the BSE in 2009, had raised money from the market to fund acquisitions and expansion of its businesses.
Cox & Kings’ shares closed at Rs 197.65, down 1.20% on Tuesday on BSE after the Mumbai-based travel company that went public in 2009 confirmed to BSE that it was in talks with Holidaybreak for a possible deal. “In line with the company’s growth strategy and expansion, we are in talks with Holidaybreak, which may or may not lead to an offer for shares,” it said.
A top executive of another travel company who did not wish to be quoted said that if the deal goes through the acquisition could help Cox & Kings to direct outbound traffic that is interested in specialist holiday packages like camping and adventure tourism to the UK and Europe. “Students and educational leisure travel segments are growing fast in the country and the company could introduce these concepts in India,” he added.
Holidaybreak shares were up 12% at 412 pence, making it the second biggest gainer on the London Stock Exchange on Tuesday.
Last week, Cox & Kings had invested an undisclosed amount in the US travel management company RADIUS, through its Singapore subsidiary. In December 2009, the company had acquired two travel brands MyPlanet Australia and Bentours International from First Choice Holdings Australia. In 2008, the company had acquired Tempo Holidays for $25 million. The travel firm, which had listed itself on the BSE in 2009, had raised money from the market to fund acquisitions and expansion of its businesses.
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