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Last Updated: Thursday, 9 March 2006, 08:29 GMT
Center Parcs backs Blackstone bid
Center Parcs
The resort firm runs four centres in the UK
Holiday company Center Parcs has agreed to a takeover bid from private equity group Blackstone, valuing the firm at 205.4m ($357.3m).

Blackstone will pay 80 pence for each Center Parcs share, a 16% premium to Wednesday's closing price.

Center Parcs currently runs four holiday villages in Nottinghamshire, Wiltshire, Suffolk and Cumbria.

Bidder Blackstone has previously invested in leisure operations such as Legoland and Universal Studios.

Center Parcs said it had "a number of material and financial operational constraints" which made accepting the deal a prudent move.

About one-and-a-half million visitors stayed at the four holiday villages last year, which are famed for their pools, jacuzzis and family sports facilities.

They are each set in about 400 acres of forest, with each village holding about 800 villas, apartments and lodges.


SEE ALSO:
Center Parcs to spend 40m in UK
20 Aug 04 |  England
Center Parcs to be sold
30 Nov 03 |  Nottinghamshire
Holiday park firm sold for 285m
04 Dec 03 |  Business


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