Travel operator Holidaybreak has received a takeover approach from privately-owned luxury travel group Cox & Kings valuing the company at £312m. The recommended offer, pitched at 432.1p a share represents a 54 per cent premium to the company's average share price over the past three months and Holidaybreak shareholders remain eligible for their 3.35p half-year dividend. The offer has already received 31.8 per cent acceptances.
Holidaybreak's showed a slightly better than expected performance in the loss-making first half of the year, but also showed continued struggle against consumer spending headwinds in the hotel breaks and camping businesses. The more resilient educational travel business was 96 per cent booked for the year by the end of March.
