Kuoni board backs Swedish takeover bid
The board of Swiss travel group Kuoni on Tuesday asked its shareholders to accept a takeover bid by Swedish investment fund EQT.
The bid price, at 370 Swiss francs ($363) per Kuoni share, represents a 34-percent premium over the stock's average price over the past two months, and a 60-percent premium over its level early this month, when Kuoni started talking to potential suitors, the company said.
A takeover by EQT would boost Kuoni's growth drive and strengthen its market share, it said in a statement.
Kuoni chairman Heinz Karrer called a tie-up with EQT "the ideal solution" among all options explored by the company, which had included a possible breakup.
The Zurich-based firm has been undergoing a major restructuring for the past year, and acknowledged last month that it had been approached by potential buyers.
Last week, Kuoni flagged that it considered an EQT bid the best outcome for its business.