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Subject: Candover's (owner of Parques Reunidos) proposal for Butlins falls through

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GregVanG
Posts:899

04/03/2008 11:42 PM	Alert
AFX UK Focus Copyright 2008 AFX News Limited April 2, 2008 Candover Investments proposed acquisition of Butlins owner falls through LONDON (Thomson Financial) - A potential deal that could have seen the Butlins and Haven UK holiday parks fall into the hands of private equity house Candover Investments Plc. has fallen through. The European Commission, which had been looking into Candover's proposed acquisition of Bourne Leisure Holdings, the owner of the Butlins and Haven leisure parks, said the notification for its inquiry into the transaction has been withdrawn. It declined to specify which party had initiated the withdrawal. Candover refused to comment this morning. Candover previously owned a 28 percent stake in Bourne together with Legal & General Group Plc., but divested it in 2004. Butlins has been synonymous with British holidaymakers since Billy Butlin opened his first resort in Skegness in 1936. Butlins now has two other sites in Bognor Regis, in West Sussex, and at Minehead in Somerset. Haven Holidays owns and operates a choice of 35 family holiday parks throughout England, Scotland and Wales. A spokesman for Candover refused to comment on why a deal had failed to materialise or on Candover's acquisition strategy. Candover has recently been expanding its leisure-based investments and in March bought Spanish theme park operator Parques Reunidos from Advent for an undisclosed sum. Newspaper reports at the time put the value of this deal at about 900 million euros. Parques Reunidos is the third largest European operator of attraction parks. The group currently operates 22 separate parks including amusement parks, animal parks and water parks, across six countries - Spain, Italy, France, Belgium, Norway and Argentina.

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Forums > Public Forums > Park News from Around the World > Candover's (owner of Parques Reunidos) proposal for Butlins falls through

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