The @Leisure Group has announced a voluntary public takeover offer to buy Land & Leisure A/S with its brands DanCenter and Danland.
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DanCenter, specialized in holiday homes, and Danland, focusing on holiday parks, offer accommodations in Denmark, Sweden, Norway and Germany. Land & Leisure A/S has approximately 240 employees and main offices in Copenhagen and Hamburg.
Tobias Wann, CEO @Leisure Group, says: “The @Leisure Group and Land & Leisure complement each other perfectly. By means of the acquisition we would be able to strengthen our market position in Scandinavia and expand our offering to our customers.”
The @Leisure Group is active in all segments of the holiday homes industry: from full service provider Belvilla and booking platform Casamundo to the online marketplace Traum-Ferienwohnungen.
Steen Seitner, CEO Land & Leisure A/S, says: “We are excited to join the @Leisure Group. This is a strategic and decisive milestone for our ongoing development. We are convinced our mutual efforts will add significantly to continuous growth inside as well as outside of Scandinavia to the benefit of our customers and house owners.”
Land & Leisure A/S’ shares are admitted to trading on NASDAQ Copenhagen. Land & Leisure A/S has issued 76 million shares. The @Leisure Group is offering a cash offer price of DKK 6.05 per share (representing a total offer volume of DKK 459.8 million or approx.
EUR 61.8 million) and has received irrevocable undertakings to accept the offer from, amongst others, the two main shareholders of Land & Leisure A/S, corresponding to a total of 63.76 percent of the share capital and voting rights of Land & Leisure A/S. The offer is subject to certain conditions, including the approval by the relevant antitrust authorities.
Land & Leisure A/S announced its interim half-year report for 2015/16 (October 1, 2015 to March 31, 2016). The company reports revenues of DKK 153.0 million (approx. EUR 20.6 million) and an operating profit (EBIT) of DKK 22.5 million (approx. EUR 3.0 million) compared to revenues of DKK 142.1 million (approx. EUR 19.1 million) and EBIT DKK 18.1 million (approx. EUR 2.4 million) in the same period 2014/15.
For the full fiscal year 2015/16 ending September 30, 2016, the company expects revenues in the range of DKK 290 to 310 million (approx. EUR 39.0 to 41.7 million) and an EBIT in the range of DKK 35 to 45 million (approx. EUR 4.7 to 6.1 million).
Since January 2015, Axel Springer SE has been holding a majority of 51 percent in the @Leisure Group. Axel Springer is one of the leading digital publishers in Europe.
Land & Leisure was established in 1957 and is listed on NASDAQ Copenhagen. Under direct contract the group operates 8,000 holiday homes and 2,000 holiday apartments (in 28 holiday parks) throughout Scandinavia and in the northern part of Germany. The brands DanCenter and Danland hold strong market recognition in Germany and Scandinavia.
The @Leisure Group is one of the largest players in the European online market for accommodation rentals, such as holiday homes, holiday parks and hotels.
The organization offers more than 460,000 holiday properties in 36 countries, of which approximately 22,000 are under direct contract of Belvilla and more than 60,000 directly contracted by Traum-Ferienwohnungen.
@Leisure also offers holiday homes, holiday parks and hotels on behalf of other reputable rental organizations and private owners. New properties are continually added to the portfolio. More than 1.3 million holidaymakers from over 140 countries book their holiday every year with @Leisure. ■
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