Kuoni Travel is paying a premium of more than 200% for AIM-quoted ET-China.com International Holdings.

The 115p a share bid is 219% higher than last night's closing price of 36p a share. The bid values Et-China at £56m. Switzerland-based Kuoni has irrevocable acceptances equivalent to 31.5% of the Et-China share capital.

Et-China joined Aim in August 2007 when it raised £3.23m at 127p a share.

Kuoni already owns 33% of Et-China and most of that stake was acquired one year ago. Et-China was pleased to get Kuoni on board and it felt that Kuoni would help it exploit the growth opportunities in China. Et-China founder and chief executive Matthew Ng believes that the company will be able to develop faster as a subsidiary of Kuoni.

Kuoni will combine its Asian business operated from Hong Kong with Et-China, whose main focus is South China.

Related share prices
ET-China.com International Ltd. (ETC) share price