Thomas Cook, Sterling Holiday Resorts announce merger.

Leisure travel operator Thomas Cook (India) and Sterling Holiday Resorts announced merger of the two companies.

Thomas Cook will make a preferential allotment investment of Rs. 187 crore into Sterling. As per the multi- stage process, Thomas Cook will also purchase shares from Sterling shareholders for Rs. 176 crore and hold a mandatory open offer for Rs. 230 crore.

The merger will take place at a defined swap ratio of 120:100, a statement said.


BS