Update on potential offer

RNS Number : 0298L

Holidaybreak PLC

26 July 2011

 



This is an announcement falling under Rule 2.4 of the City Code on Takeovers and Mergers (the "Code"). It does not represent a firm intention to make an offer under Rule 2.5 of the Code. Accordingly, there can be no certainty that any offer will ultimately be made.

26 July 2011

Holidaybreak plc ("Holidaybreak")

Update on potential offer and recent press speculation

Further to the announcement on 25 July 2011 and recent press speculation, the Board of Holidaybreak confirms that it is in discussions with Cox & Kings Limited which may or may not lead to an offer for Holidaybreak at a price of 432.1 pence in cash per ordinary share. At this stage there can be no certainty that any offer for the Company will be forthcoming.

This announcement has been made without the consent of Cox & Kings Limited.

A further announcement will be made as appropriate.

Enquiries:

Holidaybreak   Martin Davies, Group Chief Executive Neil Bright, Group Finance Director	[phone]
Citi (Financial adviser to Holidaybreak) Jan Skarbek	[phone]
Peel Hunt (Corporate broker to Holidaybreak) Dan Webster	[phone]
Brunswick Catherine Hicks	[phone]

Dealing disclosure requirements

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any paper offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any paper offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10^th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any paper offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a paper offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any paper offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any paper offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a paper offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. If you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure, you should contact the Panel's Market Surveillance Unit on [phone].

Citigroup Global Markets Limited ("Citi") and Peel Hunt LLP ("Peel Hunt"), which are authorised and regulated in the United Kingdom by the Financial Services Authority, are acting exclusively for Holidaybreak and no one else in connection with the matters set out in this announcement and are not advising any other person and accordingly will not be responsible to any person other than Holidaybreak for providing the protections afforded to clients of Citi and Peel Hunt or for providing advice in relation to the matters described in this announcement.

 

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