26 Nov 2014
Blackstone 'rejects' £2bn Center Parcs bid with plans to float on stock market
BY Tom Anstey
Blackstone – the private equity giant which owns Center Parcs – is believed to have rejected a joint £2bn (€2.5bn, $3.1bn) bid from BC Partners and the Canada Pension Plan (CPP) for the chain of leisure resorts.
Sky News is reporting that Blackstone rebuffed the bid, saying the offer undervalued the leisure operator.
Following the rejection, Blackstone is thought to be formally planning to float the company on the stock market in 2015, or put Center Parcs up for a formal auction.
Blackstone has owned Center Parcs since 2006 and has reported a 99 per cent occupancy for its newest site in Woburn Forest, Bedfordshire, since opening and is in talks with tourism authorities in Ireland over the construction of a resort there.
Despite the initial rebuff, BC and CPP are expected to continue attempts for a takeover of the leisure group, while investment bank Rothschild is expected to advise the Blackstone and Center Parcs board on refinancing to enable shareholders to land a big payday ahead of a sale or stock market listing.
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