Fairbridge Capital may have to wait for some time if it wants to delist Thomas Cook India from bourses, as rules don’t allow mandatory open offer required under takeover norms and delisting bid at the same time.
Fairbridge Capital, a fully-owned arm of Toronto-based Fairfax Financial Holdings, has purchased the 77.1 per cent stake in Thomas Cook India from the latter’s Britain-based parent for Rs 810 crore.
Thomas Cook India is trading higher by 2.2% at Rs 62.04, bouncing back 17% from intra-day low of Rs 53.40 after Fairbridge Capital (Mauritius) made an open offer to acquire additional 52 million shares at a price of Rs 65.48 per share.
UK-based travel services provider Thomas Cook Group plc will sell for Rs 817.4 crore its entire 77% holding in the Indian arm to Fairbridge Capital (Mauritius) Ltd, a subsidiary of Fairfax Financial Holdings.
Thomas Cook (India) has surged 7% to Rs 66 on reports that Thomas Cook Group Plc, the parent company of travel support services firm announced a new financing deal with its lenders which should secure the struggling group's future.
Thomas Cook Group Plc gained a three-year funding lifeline worth 1.4 billion pounds on Saturday, giving the world's oldest travel group more time to turn around its recession-scarred business.
Thomas Cook Group Plc, the 170-year- old UK tour operator that secured an emergency loan to survive, agreed to a new financing package with lenders and said it was in talks to sell aircraft as part of a recovery plan.
Thomas Cook India is trading over 3% lower at Rs 62 levels in the special trading session on Saturday after the company reported 83.25% decline in consolidated net profit for the quarter ended March, 2012 at Rs 78.5 lakh, as compared to the same period
Once in a while the market throws up opportunities which are relatively risk-free. De-listing of shares and mergers of companies are some of the safest trading opportunities that the market presents.
Thomas Cook India has rallied 20% to Rs 76.55 in morning trades on reports that London-headquartered foreign exchange company Travelex had emerged as the leading bidder, offering a price between Rs 90 and Rs 95 a share.
Leading travel company Thomas Cook is learnt to have put a price of Rs 1,716 crore on the 77.1 per stake it holds in the India business. It has pegged the asking price at Rs 105 a share, in a bid to cut the mounting debt of its UK-based parent company.
Tour operator Thomas Cook has received at least eight bids, including from private equity firms Kohlberg Kravis Roberts and Carlyle Group, for buying the company's stake in its Indian unit, the Business Standard reported on Thursday.
Thomas Cook had received at least eight proposals from potential buyers, the travel company said on Wednesday, as it closed bids for the sale of its India business.
Don’t just book it, Thomas Cook it. Within weeks of launching this campaign, the UK-based travel company announced that its India business was on the block. The irony is not lost on the company.
Thomas Cook (India) has rallied 7% to Rs 67 on doubling net profit at Rs 5.04 crore for the quarter ended December 2011, compared to Rs 1.51 crore for the same quarter of the previous fiscal. Revenues grew 31% at Rs 87.30 crore on year-on-year basis.
Travel services and foreign exchange provider Thomas Cook India (TCIL) today posted over three-time increase in consolidated net profit for the fourth quarter ended December 31, 2011 at Rs 5.04 crore compared to the corresponding period last year.
Thomas Cook (India) has rallied 15% to Rs 61.75, extending Wednesday’s 20% surge, after the company said that its UK parent – Thomas Cook Plc has finalized plans to sell its entire 77.1% stake in its Indian subsidiary.
