Center Parcs agrees to Blackstone bid

09 March 2006
Center Parcs agrees to Blackstone bid

Leisure village operator Center Parcs has agreed to a £205.4m takeover by private investment company Blackstone Group.

Center Parcs's directors have recommended shareholders vote for the Blackstone deal, which values each company share at 80p.

This is a 16% premium over the closing share price of 69p on 8 March.

Center Parcs has four villages in the UK, and announced last December the location for a fifth in Warren Wood, Bedfordshire.

In the same month the company announced its profits in the first six months of the year had fallen by a third after it sold its education business.

Blackstone recently sold London's Great Eastern Hotel - which Conran Restaurants was also a shareholder in - to Hyatt Corporation for an undisclosed sum.

Great Eastern hotel sold >>

Center Parcs signs Jersey deal >>

Center Parcs finance director to move to William Hill >>

Center Parcs profits fall by a third >>

By Chris Druce

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