Business
Recommended Acquisition of Holidaybreak
Recommended Acquisition of Holidaybreak.
About this update from Harbour Energy Plc
[{"type":"text","content":"\n \nRNS Number : 1846L Holidaybreak PLC 27 July 2011 \n \n\nNot for release, publication or distribution, in whole or in part, in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction\n \n27 July 2011\n \n \nRECOMMENDED ACQUISITION\nOF\nHolidaybreak plc\nBY\nPrometheon Holdings (UK) Limited, a wholly-owned subsidiary of Cox & Kings Ltd.\n \n(to be implemented by way of a scheme of arrangement under Part 26 of the Companies Act)\n \n \nSummary\n \n· The boards of Cox & Kings Ltd. (\"Cox & Kings\") and Holidaybreak plc (\"Holidaybreak\") are pleased to announce that they have reached agreement on the terms of a recommended cash acquisition by Prometheon Holdings (UK) Limited (\"Bidco\"), a wholly-owned subsidiary of Cox & Kings, of the entire issued and to be issued share capital of Holidaybreak (the \"Acquisition\"). \n \n· It is intended that the Acquisition will be implemented by way of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (the \"Scheme\"). In order to become effective, the Acquisition must, among other things, be approved by the requisite majorities of the Holidaybreak Shareholders present (in person or by proxy) and entitled to vote at the Court Meeting and the General Meeting.\n \n· Under the terms of the Acquisition, Holidaybreak Shareholders will receive 432.1 pence in cash per Holidaybreak Share (the \"Offer Price\"). \n \n· The Offer Price values Holidaybreak's fully diluted share capital at approximately £312.0m and represents: \n \no a premium of approximately 35.5 per cent. to the closing price of 319.0 pence per Holidaybreak Share on 22 July 2011, being the last business day prior to the commencement of the Offer Period; and \n \no a premium of approximately 54.2 per cent. to the average closing price of approximately 280.3 pence per Holidaybreak Share for the three-month period up to and including 22 July 2011.\n \n· In addition, eligible Holidaybreak Shareholders, being Holidaybreak Shareholders who were on the register of Holidaybreak on the dividend rec...