CNG Travel agrees 14.5p/shr cash offer from managers |
|
|
|
Published
:
Tue, 22 May 2007 10:32
|
LONDON (Thomson Financial) - CNG Travel Group PLC said it recommends the 14.5 pence per share cash offer by Corporate Travel Holdings Inc which represents members of the company's management, valuing the company at 9.15 mln stg.The offer represents a premium of about 81 pct over its closing price on May 18. Yesterday, CNG announced that it had received an approach from a consortium led by Tzell Travel Group's chief executive PJ King and president Barry Liben to buy CNGMeanwhile, Corporate Travel said it will pursue its US expansion strategy as a private entity.Earlier, CNG Travel posted a much narrowed full-year pretax loss, benefiting from disposals, and said it is now on firmer financial footing than the previous year.The company said its pretax loss for the year ended Dec 31 narrowed to 2.22 mln usd from a loss of 23.34 mln usd, while revenues declined to 46.39 mln usd from 54.80 mln usd. Revenue from continuing operations rose to 46.4 mln usd from 42.5 mln.It added it has swung to a full year operating profit of 4.19 mln usd from a loss of 8.43 mln usd. Its sole trading entity, Tzell Travel LLC, posted EBITDA of 9.1 mln usd compared to 8.8 mln usd the year earlier.TFN.newsdesk@thomson.comukn/faj/lamCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
|
|
|
|
Print this Story
Weyerhaeuser to tender securities 