Kuoni board backs Swedish takeover bid
AFP · 2 Feb 2016, 09:41
Published: 02 Feb 2016 09:41 GMT+01:00
- Sweden's EQT 'best suited' to take over Kuoni (29 Jan 16)
- Kuoni reveals sale of Euro tour operations (22 Jun 15)
- Kuoni to sell off tour operating sector (14 Jan 15)
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.