Bass Plc &lt;BASS.L> and &lt;Horizon TravelPlc> said terms have been agreed for an offer worth around 94.8
mln stg for Horizon by Bass.
    The offer values each Horizon share at some 0.213 of a Bass
ordinary share, or 190p. This is based on a price of 892p, the
Bass share quotation at 1630 gmt on April 2.
    Horizon said its board and financial advisers consider the
offer to be fair and reasonable and the board will unanimously
recommend acceptance to its shareholders.
    Horizon shares jumped 23p to 188 after the announcement
while Bass shares dipped 13p to 879.
    Bass has for some time regarded overseas holidays as an
area for expansion and in pursuit of this objective, acquired a
25.6 pct holding in Horizon in 1985 when it set up the jointly
owned hotel company.
    Both Bass and Horizon said that Bass's resources will
enable Horizon's businesses to expand strongly this year.
    On March 30 Bass said it had agreed to sell its Pontins
U.K. Holiday camps to a newly formed private company, Pontins
Ltd, for some 57.5 mln stg.
 REUTER
